Industry and Corporate Risk

Essay specific features

 

Issue:

Business

 

Written by:

Keith J

 

Date added:

November 22, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 812

 

Was viewed:

1563 times

 

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Essay content:

Audit risk is the risk that the auditor may fail to modify their opinion on misstatements in the financial statements. Inherent risk is the risk of an assertion being made on material misstatements, assuming that there is no problem with related internal controls. Control risk is the risk that material misstatements could occur in an assertion that are not detected or prevented by the existing internal controls...
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Inherent risk is the risk of an assertion being made on material misstatements, assuming that there is no problem with related internal controls. Control risk is the risk that material misstatements could occur in an assertion that are not detected or prevented by the existing internal controls. Detection risk is the risk that the auditor will not detect a material misstatement in the assertion (Messier, 2003, pg...
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