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Financial statement risk (real - life example)

Financial statement risk (real - life example)

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Financial Statement Risk is a type of audit risk that exists at overall financial statement level.

Risk of material misstatement that relate pervasively to the FS as a whole & potentially affect many assertions.

Examples of Financial statement risk are :

  • cash flow risks - such as cash flows are being misappropriated by management itself
  • compliance risks - such as breaching of laws & regulations
  • Operational Risks - such as Loss of Key employee & Loss of data
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