"risk" in inglés with examples - Collocation dictionary inglés
- Evaluation of entitywide controls and their effect on audit risk.
- Indeed, this information is used by accountants and tax software for the purpose of assessing audit risk - rather than allowing individuals to assess their generosity.
- In auditing, audit risk includes inherent risk, control risk and detection risk.
- The objective is to determine the nature, timing and extent of substantive procedures in order to reduce audit risk to an acceptable low level.
- To determine the major audit risks (i.e. the chance that the auditor will issue the wrong opinion).
- Thus, the desired level of audit risk may not actually be achieved.
- Many auditors set audit risk at a nominal level, such as 5%.
- Because such a conservative assessment leads to more audit work, the real level of audit risk will be significantly less than 5%.
- This also has application in the field of auditing and may refer to situations of a low audit risk.
- Membership costs increase with audit risk.
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