An acceptable audit risk assessment of low indicates a risky client requiring more extensive evidence, assignment of more experienced personnel, and/or a more extensive review of working papers.

Question

Quizplus · Accepted Answer

A low audit risk assessment means the auditor believes there is a lower chance that the financial statements might be materially misstated without detection. Therefore, to achieve such a low level of risk, the auditor would indeed require more extensive evidence, the assignment of more experienced personnel, and/or a more extensive review of working papers to ensure the financial statements are accurately presented. This approach is taken to minimize the risk of an incorrect audit opinion.

An Acceptable Audit Risk Assessment of Low Indicates a Risky