Auditing Standard 8 - Audit Risk. This standard discusses the auditor's consideration of audit risk in an audit of financial statements as part of an integrated audit or an audit of financial statements only. It describes the components of audit risk and the auditor's responsibilities for reducing audit risk to an appropriately low level in order to obtain reasonable assurance that the financial statements are free of material misstatement.
PCAOB Standards Push New Approach on Audits Eight new audit standards The package will improve audit quali-
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