Two major factors that affect acceptable audit risk are inherent risk and control risk.

Name: Two major factors that affect acceptable audit risk are inherent risk and control risk.
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Question

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Acceptable audit risk is primarily affected by the auditor's willingness to accept the risk that the financial statements may be materially misstated after the audit is completed, not directly by inherent risk and control risk, which are components of audit risk.

Two Major Factors That Affect Acceptable Audit Risk Are Inherent