One hundred percent acceptable audit risk means that the auditor wants complete certainty that the financial statements are not materially misstated.

Question

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One hundred percent acceptable audit risk is not an achievable goal for an auditor. Acceptable audit risk means the level of risk that the auditor is willing to accept that the financial statements contain a material misstatement, even after conducting an audit. The level of acceptable audit risk is influenced by the auditor's professional judgment and the level of materiality set by the client.

One Hundred Percent Acceptable Audit Risk Means That the Auditor