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msidhu msidhu
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Which of the following is an accurate statement regarding audit risk, audit failure, and business failure?

▸ Audit risk is always avoidable if the audit is conducted in accordance with generally accepted auditing standards.

▸ Because auditors gather evidence on a test basis, and because well-concealed frauds are difficult to detect, audit risk is unavoidable.

▸ Legal precedent makes it easy to determine who has the right to recover losses in the event of an audit failure.

▸ A business failure will always result in an audit failure.
Textbook 

Auditing and Assurance Services


Edition: 17th
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schmienceschmience
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Because auditors gather evidence on a test basis, and because well-concealed frauds are difficult to detect, audit risk is unavoidable.

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