AUDIT RISK Definition

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AUDIT RISK is a combination of the risk that material errors will occur in the accounting process and the risk the errors will not be discovered by audit tests. Audit risk includes uncertainties due to sampling (sampling risk) and to other factors (non-sampling risk).

Learn new Accounting Terms

TREND is the general direction in which something tends to move.

DISCLOSURE is to reveal information. Financial statement footnotes are one way of providing necessary disclosures.

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