Auditors frequently refer to the terms audit assurance, overall assurance, and level of assurance to refer to ________.
A)detection risk
B)audit report risk
C)acceptable audit risk
D)inherent risk

Question

Quizplus · Accepted Answer

Audit assurance, overall assurance, and level of assurance are all terms used to refer to the acceptable level of audit risk. This is the risk that the auditor is willing to accept that the financial statements may be materially misstated even though the audit was performed in accordance with generally accepted auditing standards.

Auditors Frequently Refer to the Terms Audit Assurance, Overall Assurance