Professional auditing standards provide guidance on the auditor's consideration of an entity's business risks. What is the
Question:
Professional auditing standards provide guidance on the auditor's consideration of an entity's business risks. What is the auditor's objective for understanding an entity's business risks? Why does an auditor not have responsibility to identify or assess all business risks? Provide some examples of business risks associated with an entity that an auditor should consider when performing an audit?
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The auditor must obtain an understanding of the entity and its environment to assess the risk of mat...View the full answer
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