What is Audit Risk?
Audit risk refers to the possibility that an auditor may issue an incorrect opinion on financial statements or processes, potentially leading to misinformed decisions.
Examples
- Failing to detect material misstatements in financial records.
- Overlooking compliance violations during process audits.
- Issuing an unqualified opinion despite significant control weaknesses.
How NovaTerrae Can Help
NovaTerrae provides advanced tools and methodologies to minimize audit risk, ensuring accurate and reliable audit outcomes.