Hi, can anyone confirm what type of risk was asked for in the last few exams - Q1's?
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AAAQ1 Risk Types
1. Business risk
2. Audit risk
Mainly, examiner published only past exams with Audit risks.
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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