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Audit risk

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit risk

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • August 25, 2022 at 3:22 am #664197
    ilham9089
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    • Topics: 253
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    What is the difference between audit risk and business risk?

    August 25, 2022 at 8:06 am #664211
    Kim Smith
    Keymaster
    • Topics: 109
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    • ☆☆☆☆☆

    Audit risk – see the definition in the notes and its components.

    Business risk is not examinable in the AA syllabus. But to give you an idea, they can be two sides of the same coin. For example, it is a business risk if credit sales are made to a customer who is not creditworthy – but the audit risk is that trade receivables are overstated (valuation assertion).

    Audit risk is related to the financial statements.

    Although many business risks have implications for the financial statements, they do not necessarily.

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