How to Perform a Risk-Based Audit
A risk-based audit has three key steps, as illustrated below. Risk Assessment Description: Performing risk assessment procedures to identify and assess the risks of material misstatement in the financial statements. This includes the assessment of significant risks, control deficiencies and identified or suspected non-compliance with laws and regulations that will be addressed in the audit […]
When doing a Risk Assessment on a client, what does an auditor look at?
Because risk is such a significant component of an audit, it is of the utmost significance that auditors approach risk evaluation with the utmost caution. The auditor is tasked with several overall objectives, one of which is to identify the risks that a company faces (both business risk and the risk of material misstatement) and […]
