CAG stands for Comptroller and Auditor General of India. Presently the CAG is Mr. Vinod Rai. He has been acting as a CAG since 2008. He is the 11th CAG of India. The CAG is an authority which is established by the Constitution of India. Appointment The CAG is appointed by the President of India [...]
In very broad terms, audit risk is the risk of a material misstatement of a financial statement item that is or should be included in the audited financial statements of an entity. In theory, audit risk ranges anywhere from zero (0.0). In practice, however, audit risk is always greater than zero.
The article presents an in-depth explanation of various concepts related to audit risk.