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Explain three components of risk in audit risk model

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Reference no: EM133176495

Question - ISA 315 (Revised) - Identifying and Assessing the Risk of Material Misstatement through Understanding the Entity and Its Environment sets out the matters that an auditor should consider before commencing the planning process.

i. State SIX (6) sources of information commonly required by auditors that can provide knowledge about the client's business and industry.

ii. Explain THREE (3) components of risk in audit risk model.

Reference no: EM133176495

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