Previous Page Next Page Page 8 of 25 Question 8 (2 points) As used in the Standards when discussing audit planning or risk assessment, the term risk is best defined as the probability that financial statements and/or internal records will contain material errors. O management will, either knowingly or unknowingly, make decisions that increase the potential liability of the organization. an event will occur that will have an impact on the achievement of objectives. an internal auditor will fail to detect a material error or event that causes financial statements or internal reports to be misstated or misleading. Previous Page Next Page Page 8 of 25