Business Risk.

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Presentation transcript:

Business Risk

Business Risk Connected with the operation of the Company Audit Risk Connected with the opinion of the External Auditor

However Inherent & Control Risk Assessed during the planning of the External Audit audit risk these are limited to risks pertaining to the financial statements, but the same risks that are inherent audit risks can also be business risks. For example, a business with significant trade receivables may have the business risk that cash is not recovered from receivables, and the audit risk that trade receivables are overstated.