Audit Risk | CPA AUD Exam

Audit risk is the risk that the auditor will fail to modify an opinion on the financial statements when they are in fact materially misstated. This will typically arise because an auditor will never be able to obtain absolute assurance by conducting audit procedures. Audit risk will only be able to be reduced to an adequately low level before issuing an opinion on the financial statements. You will be required to understand the audit risk model when taking the audit and attestation section of the CPA exam.

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