The following are the key types of risk that audit firms consider when they make client acceptance

Question:

The following are the key types of risk that audit firms consider when they make client acceptance and continuance decisions.
Provide examples of each of these types of risk.
● Client entity characteristics
● Independence risk factors
● Third party/due diligence risk factors
● Quantitative risk factors
● Qualitative risk factors
● Entity organizational or governance risks
● Financial reporting risks