Acceptable Audit Risk Is a Measure of

Multiple Choice

Acceptable audit risk is a measure of

A) the auditor's assessment of the likelihood that a material misstatement might occur in the first place.
B) the probability that the financial statements contain errors.
C) how willing the auditor is to accept that the financial statements may be materially misstated after the audit is completed.
D) the probability that errors in the financial statements that were not detected by the internal controls of the firm are not detected by the auditor.