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

STREET NAME, in securities, is securities held in the name of brokers, banks or their nominees, instead of in the customer's name.

ACCOUNT CURRENT is a running or continued account between two or more parties, or a statement of the particulars of such an account.

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