Risk is:

Name: Risk is:
Brand: Quizplus
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Question

Risk is:

Quizplus · Accepted Answer

Risk is a measure of uncertainty and refers to the possibility that an event will occur that will have a negative impact on the achievement of objectives. It is a core concept in auditing and risk assessment is used to determine the nature, timing, and extent of audit procedures. Risk cannot be measured by tolerable error, which is a concept related to materiality. While auditors aim to minimize risk, it cannot be completely avoided in the audit process.

Risk Is