What are the components of the audit risk model? How does the audit risk model impact an audit plan?© BrainMass Inc. brainmass.com June 3, 2020, 7:02 pm ad1c9bdddf
Here is some information for you regarding Audit Risk:
Audit risk is a term that is commonly applied in relation to the audit of the financial statements of an entity. The primary objective of such an audit is to provide an opinion as to whether or not the financial statements present fairly the financial position and results of the entity. Audit risk is the risk of the auditor providing an inappropriate opinion on the financial statements. In other words, it is the risk of the auditor stating the financial statements present fairly the financial position of the entity, when in fact they do not.
The components of the audit risk models are determined.