Audit risk is assessed at which level of the audit?
A)account
B)cycle
C)transaction-related audit objective
D)overall audit

Question

Quizplus · Accepted Answer

Audit risk is assessed at the overall audit level. It is the risk that the auditor gives an inappropriate opinion on the financial statements. This risk includes the combination of inherent risk, control risk, and detection risk. The auditor assesses the overall audit risk to determine the nature, timing, and extent of audit procedures required to obtain sufficient evidence to support the opinion.

Audit Risk Is Assessed at Which Level of the Audit