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Can you explain the term audit risk?

Auditing Financial Reporting Banking &amp Finance
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Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2019/06/05
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KANITHA DHANABAL
by KANITHA DHANABAL , Senior Financial Analyst , THAHAB.COM,Kuwai

Audit risk is the risk that financial statements are materially incorrect, even though the audit opinion states that the financial reports are free of any material misstatements

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