Explain the following terms in relation to auditing : (iii) Audit Risk
CS Executive · Company Accounts & Auditing Practices · PYQS · June 2019
Explain the following terms in relation to auditing : (iii) Audit Risk
Answer & Explanation:
Audit Risk: A combination of the risks that material errors will occur in the accounting process and the risk of arms not getting discovered through audit tests. Audit risk includes uncertainties due to sampling (sampling risk) and to other factors (non-sampling risk).
Topics: Audit Risk
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