Component of audit risk within the control of the auditors
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Is any component of audit risk within the control of the auditor? Explain.
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Solution Summary
The 248 word solution lists the types of audit risk, and explains the position of auditors in terms of risk assessment.
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Absolutely yes. Audit risk is defined as the possibility that an audit firm may issue a financial statement that is materially misstated. If the financial statements contain disclosures in either the opinion or the footnotes that would lead a reader to understand certain risks, that is not what audit risk is about.
It is more about the fact that the auditors may not discover some ...
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