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AnswersFundamentals Level Skills Module, Paper F8Audit and Assurance March/ june 2017 Sample AnswersSection B16 (a)Audit risk and the components of audit riskAudit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materiallymisstated. Audit risk is a function of two main components, being the risk of material misstatement and detection risk. Riskof material misstatement is made up of a further two components, inherent risk and control risk is the susceptibility of an assertion about a class of transaction, account balance or disclosure to a misstatementwhich could be material, either individually or when aggregated with other misstatements, before consideration of any risk is the risk that a misstatement which could occur in an assertion about a class of transaction, account balanceor disclosure and which could be material, either individually or when aggreg
Fundamentals Level – Skills Module, Paper F8 Audit and Assurance March/June 2017 Sample Answers Section B 16 (a) Audit risk and the components of audit risk Audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially
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