The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain absolute assurance that the financial statements are free from material misstatement due to fraud or error. Why? 5:22 PM

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The auditor is not expected to, and cannot,
reduce audit risk to zero and cannot
therefore obtain absolute assurance that
the financial statements are free from
material misstatement due to fraud or error.
Why?
5:22 PM
Transcribed Image Text:The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain absolute assurance that the financial statements are free from material misstatement due to fraud or error. Why? 5:22 PM
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