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The audit risk model is subjective, and dependent on the professional judgement of the auditor and the quality of information available. As a result, it
The audit risk model is subjective, and dependent on the professional judgement of the auditor and the quality of information available. As a result, it can only be a reasonable estimation of actual risk. The auditor should take steps to gain a thorough understanding of the inputs used in the audit risk model to reduce the likelihood of an improper estimation.
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