ACCT 4360 Lecture Notes - Audit Trail, Non-Sampling Error, Audit Risk
Document Summary
A person, unit, or activity of an risks associated with the nature of organization being audited. Risk arising from significant circumstances, events, circumstances, actions or omissions that could affect the company"s ability to achieve its objectives and execute its strategy, or the risk of improper setting of objectives and strategies. Safety-related chronological records, sets of records and/or targets and sources of records that provide documentation of the set of activities associated with a specific process, procedure, event, or device at a specific point in time. gain. Audit records typically arise from activities such as financial transactions, scientific research, medical data transactions, or communications by individuals, systems, accounts, or other entities. Audit risk (also called residual risk) according to isa 200, is the risk that the auditor will express an inappropriate opinion if the materiality of the financial statements is misrepresented.
