Auditors rely on the audit risk formula to determine the types and amount of audit evidence to collect in order to keep the overall audit risk of engagements to a minimum or below defined tolerable limits. Suggest an alternative to the audit risk equation in order to mitigate audit risk. Support your rationale with examples of the successful use of the alternative strategy.

Answer rating: 100% (QA)

The alternative on which the auditor can rely so as to control the audit risk is an internal control ... View the full answer