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Dear Sir
What is an acceptable level of audit risk?My tutor says that it should be between 3% to 5%.
Is that true?
Thanks.
Yes – generally 5% (where quantified as a %) – this is what I used in the example on this post https://opentuition.com/topic/audit-risk-36/
It might be reduced to 3% for, say, a new public interest client and there’s no reason why it couldn’t be 10% – it depends on the risk that the audit firm is prepared to accept.
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