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what is the difference between the three risks…engagement risk vs audit risk vs assignment risk
To be able fairly to answer this question I would really have liked to see the context in which these expressions were written
Also, I’m surprised that the source of your quotation does not itself identify / define the three expressions
Off the top of my head ………
Audit risk is the risk of an auditor expressing an inappropriate audit opinion
Assignment risk (I imagine) is the risk of an accountant on a non-audit assurance engagement reaching an inappropriate conclusion
Engagement risk is (I assume) the risk of accepting as a client someone that fails to fit the firm’s criteria ie a breakdown in the firm’s procedures conducted when interviewing a prospective new client / reviewing the history and the firm’s knowledge about a prospective new client
Does that fit with your understanding?
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