What does audit risk mean?
Definitions for audit risk
au·dit risk
This dictionary definitions page includes all the possible meanings, example usage and translations of the word audit risk.
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Wikidata
Audit risk
Audit risk refers to the risk that an auditor may issue unqualified report due to the auditor's failure to detect material misstatement either due to error or fraud. This risk is composed of inherent risk, control risk and detection risk, and can be calculated thus: where... IR is inherent risk, CR is control risk and DR detection risk. IR refers to the risk involved in the nature of business or transaction. Example, transactions involving exchange of cash may have higher IR than transactions involving settlement by cheques. CR refers to the risk that a misstatement could occur but may not be detected and corrected or prevented by entity's internal control mechanism. DR is the probability that the audit procedures may fail to detect existence of a material error or fraud. While CR depends on the strength or weakness of the internal control procedures, DR is either due to sampling error or human factors.
Numerology
Chaldean Numerology
The numerical value of audit risk in Chaldean Numerology is: 6
Pythagorean Numerology
The numerical value of audit risk in Pythagorean Numerology is: 4
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"audit risk." Definitions.net. STANDS4 LLC, 2024. Web. 27 Apr. 2024. <https://www.definitions.net/definition/audit+risk>.
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