Audit Risk Assessment Example. Audit risk assessment canbe our best friend, particularly if we desire efficiency, effectiveness, and profit —and who doesn't? It is a very important determination factor.
Dangers are always around, especially on a project that involves other people, or an audience.
Inherent audit risks are the risks that the material misstatements could possibly happen in financial statements due to other reasons rather than the In other words, auditors should consider reviewing or modifying the current auditor procedures to ensure that the detection risk is as low as possible so.
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In other words, risk assessment creates efficiency. Examples of circumstances when risks may arise are: (i) New personnel may not understand operations of internal control (if there is change in staff). (ii) Internal audit function is important for regular monitoring of controls. Since risk assessment directs the auditor's attention to issues that merit further consideration, it should be based on the inquiries, observations and audit evidence gathered by the.
