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Audit risk

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Definition Edit

An audit risk, for financial statement audits, is

the risk that the auditor may unknowingly fail to appropriately modify the audit opinion on financial statements that are materially misstated. In a performance audit, the risk that the auditor's findings, conclusions, recommendations, or assurance may be improper or incomplete.[1]

References Edit

  1. Federal Information System Controls Audit Manual, at 558.

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