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audit risk

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › audit risk

  • This topic has 2 replies, 2 voices, and was last updated 11 years ago by Bonnie.
Viewing 3 posts - 1 through 3 (of 3 total)
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  • April 2, 2014 at 1:18 pm #164023
    Bonnie
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Please ellaborate further with simplicity what it means by “susceptibility of an assertion to a misstatement”..i gues my problem lies with the word susceptability.

    April 5, 2014 at 3:33 am #164428
    tud21
    Participant
    • Topics: 0
    • Replies: 13
    • ☆

    the word susceptibility means the state or fact of being likely or liable to be influenced or harmed by a particular thing. synonyms are sensitivity or in other words the vulnerability, likelihood.

    So let me paraphrase the word “susceptibility” in a sentence. Inherent Risk is the likelihood that an assertion( which is a claim) to a misstatement could be material individually or when combine with other misstatements, assuming there is no related controls in place.

    This is my interpretation of the word. Maybe someone might have a better interpretation.

    April 5, 2014 at 11:15 am #164445
    Bonnie
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Well clarified, unless someone has another explanation. Thanks.

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