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Q1 Risk Types

This topic has 2 replies, 3 voices, and was last updated 6 years ago by ravi.

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August 26, 2018 at 12:46 pm #469509
mwp1
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Hi, can anyone confirm what type of risk was asked for in the last few exams – Q1’s?
August 27, 2018 at 5:06 pm #469662
Billy
Member
- Topics: 20
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1. Business risk
2. Audit risk
Mainly, examiner published only past exams with Audit risks.
November 29, 2018 at 1:07 pm #486411
ravi
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- Replies: 3
1) Business Risk (Reasons why Business may suffer; declingin sales, bad rep, fines and penalties, key staff/customer leave etc)
2) Audit Risk (RoMM + Detection Risk)
3) Risk of Material Mistatement (FS items that might be wrong)
Agree with Billy, it’s normally Audit risk but be prepared for all three!
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