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RISK ASSESSMENT IN FINANCIAL AUDIT
SEA: Practical Application of Science
Audit risk is the risk of expressing an inappropriate audit opinion with reference to financial statements that are materially misstated. Risks exist but the audit objective is to mitigate the audit risk to an acceptable level. The process of auditing the annual financial statements involves a series of stages until the opinion is expressed and during the audit, the materiality threshold and the audit risk are analyzed together. There is a link between the professional judgment used by thedoaj:7e5ac89b6959400a9115d98a8641882a fatcat:evhzuqma6fczvn3htuycxnc3oq