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jason23 jason23
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Which is a true statement about audit risk?

▸ Audit risk measures the risk that a material misstatement could occur and not be detected by internal control.

▸ When auditors decide on a higher acceptable audit risk, they want to be more certain that the financial statements are not materially misstated.

▸ Audit assurance is the complement of acceptable audit risk.

▸ There is an inverse relationship between acceptable audit risk and planned detection risk.
Textbook 

Auditing and Assurance Services


Edition: 17th
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LondonLondon
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Audit assurance is the complement of acceptable audit risk.

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