Question: Some countries, such as the United Kingdom, require that the auditors report include a statement of materiality level and risk of material misstatement. Some accountants

Some countries, such as the United Kingdom, require that the auditors report include a statement of materiality level and risk of material misstatement. Some accountants suggest that the audit risk that the auditor used in conducting the audit should also be disclosed.

  1. The proponents of such disclosure believe that the information would be useful to users of the financial statements being reported. Explain fully why you think they have this view.
  2. Some accountants oppose such disclosure. Explain why you think they are not in favor of it.
  3. What is your position on the issue?

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