Which of the following is NOT a component of an audit finding?

An audit finding is a formal conclusion drawn by auditors based on their assessment of evidence collected during the audit process. It generally consists of specific components that help to articulate issues identified during the audit.

The condition refers to the actual situation that exists, which is observed during the audit. Criteria are the standards against which the condition is measured; they represent what is expected or acceptable. The effect explains the consequences or potential impact of the condition when it does not align with the criteria.

Judgment, however, is not considered a formal component of an audit finding. While auditors do exercise judgment throughout the audit process to analyze findings and assess risks, this exercise of judgment is part of the audit process itself rather than a component of the findings reported. Therefore, identifying that judgment is not a direct component helps delineate the structure of audit findings, emphasizing that the focus is on observable conditions, established criteria, and their effects.