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Audit
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Inherent Risk
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3:37
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Simple Explain
What Are Inherent Risks and How Do They Affect Financial Audits?
Inherent risk is the risk posed by an error or omission in a financial statement due to a factor other than a failure of internal control. In a financial audit, inherent risk is most likely to occur when transactions are complex, or in situations that require a high degree of judgment in regard to financial estimates. Inherent risk is one of ...
407 views
Mar 21, 2024
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