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What is audit risk? What is the Audit Risk Model? What are the components of audit risk...

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Accounting

  • What is audit risk?
  • What is the Audit Risk Model?
  • What are the components of audit risk and how do these relateto each other?
  • How does materiality and the audit approach interact with theAudit Risk Model?

Answer & Explanation Solved by verified expert
3.9 Ratings (580 Votes)
1 Audit risk is the risk that the auditor fails to give appropriate opinion on the financial statements when the financial statements are material misstated It means Auditor is unable to ascertain the material misstatements in the financial statements 2 Audit risk model is a tool technique used by auditor to    See Answer
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