Statistics indicates concern for both alpha and beta errors In audit terms this might be described as being concerned about the risk of concluding that the financial statements are misrepresented when they are actually fair, AND the risk of saying that the financial statements are fair when they ar...

Audit risk for the integrated audit is the risk that the auditor may unknowingly fail to ...

Statistics indicates concern for both alpha and beta errors. In audit terms this might be described as

Question:

Statistics indicates concern for both alpha and beta errors. In audit terms this might be described as being concerned about the risk of concluding that the are misrepresented when they are actually fair, AND the risk of saying that the are fair when they are not. However, audit risk is defined as the risk of issuing an unqualified when the are misstated or ICFR is not effective. Why doesn’t audit risk include the opposite error as well?

Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...