This module will define audit risk and business risk and cover:
- audit risk
- inherent risk
- control risk
- business risk
- audit risk v business risk
- the business risk approach.
On completion of this online course, you will gain an understanding of:
- audit risk and business risk and how the two are used in audit planning
- how audit risk focuses on material misstatement by considering inherent risk, control risk and detection risk
- how business risk focuses on material misstatement by considering the risks facing the entity and whether the risk could have an impact on the financial statements.