Solution-Define inherent risk and control risk

Define inherent risk and control risk

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Reference no: EM133170584

Question -

1. Audit risk is the risk that an auditor expresses an inappropriate audit opinion when a financial report is materially misstated. In other words, the auditor gives the opinion that the financial statements do give a true and fair view, when it actually does not. What type of situations do you think will cause the audit risk for a particular client to be high? You can give a general or a specific answer.

2. Define inherent risk and control risk.

3. List and briefly describe inherent risk factors relating to the preparation of financial information.

Reference no: EM133170584

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Define inherent risk and control risk

Reference no: EM133170584

Reference no: EM133170584

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