There are many types of risk that come into play during the audit process. Describe the following four main risks:
Business risk
Financial reporting risk
Engagement risk
Audit risk
In your each of your descriptions, provide at least 1 example scenario, and answer the following:
How would each of your examples be mitigated?
Which do you feel would be the hardest to mitigate? Why?
How does materiality play into the risk analysis?
