Question: 1. What is the audit risk model? 2. Identify and explain the 3 basic components of audit risks in the audit risk model Part B

1. What is the audit risk model?

2. Identify and explain the 3 basic components of audit risks in the audit risk model

Part B - Audit risk is the risk of material misstatement in expression of an audit opinion.

Can an auditor control audit risk? If yes, what can an auditor do to reduce overall audit risk?

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