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What is meant by acceptable audit risk

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Reference no: EM132522769

Question - When conducting an attestation function, the auditor needs to collect information about the company both internally and externally. There are several external factors that affect an audit firm's business risk and, therefore, acceptable audit risk. Identify one of these factors and discuss why it would impact the audit work to be performed.

Required -

What is meant by acceptable audit risk when performing the work of attestation, and what would be some of the characteristics of this risk?

What type of evidence is collected when substantiating this type of audit risk, and why can this risk be material when reviewing the financial statements of a company?

Reference no: EM132522769

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