Audit risk is also referred to as which type of risk?
ASystematic risk
BBusiness risk
CResidual risk
DMarket risk
Answer & Solution
Correct answer: C. Residual risk
Audit risk is what remains after the auditor's work, which is why it is also called residual risk.
Keep practising Audit Planning Strategy and Execution
Browse all Audit Planning Strategy and Execution questions for CA Final, or explore more Auditing topics.
Related questions
Working papers help third parties do what?Internal audit tests the most important controls using which approach?Working papers help show that the audit was performed in line with what?Which development lets auditors analyse entire datasets instead of samples?If liquidation becomes imminent, statements are prepared on what basis?How long is the foreseeable future usually regarded under the going concern assumption?The IAASB issues which of these?Which body sets recognised standards for internal auditors?