Question 2 2.1 The risk of the auditor “getting it wrong” or giving opinions that are not 100% accurate will always be p

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Question 2
2.1 The risk of the auditor “getting it wrong” or giving
opinions that are not 100% accurate will always be present and this
is referred to as audit risk. Audit risk is better understood when
the components of the risks are understood. Identify and explain
the three components of audit risk.
2.2 The concept of materiality is fundamental when conducting an
audit. An auditor makes an opinionated expression on the fair
representation of financial statements with regard to all things
material. Explain 3 items which best describe the nature of
materiality.