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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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