Why does an auditor not have responsibility to identify or assess all business risks?
Professional auditing standards provide guidance on the auditor’s consideration of an entity’s business environment and associated business risks.
Not all business risks give rise to risks of material misstatement. The auditor needs to consider
those business risks that could result in a material misstatement at either the financial statement
level or assertion level to classes of transactions, account balances, and disclosures.
You might also like to view...
An often-cited benefit of IT outsourcing is improved core business performance
Indicate whether the statement is true or false
Which type of retailer has a high proportion of merchandise space to selling space?
a. full-service specialty store b. supermarket c. warehouse store d. gas station
The ________ is a GATS requirement that its member states accord immediately and unconditionally to services and service suppliers of other members' treatment that is no less beneficial than that it accords to like services and service suppliers of
any other state. A. foreseeability standard B. ultra vires rule C. transparency provision D. most-favored-nation treatment
Policies and procedures are examples of which type of communication network?
a. Official b. Approved c. Formal d. Endorsed