This article is the first of a series on risk-based auditing and audit evidence

Author:Brian PINE, ACCA

JEL:

DOI:

Keywords:financial statement, substantive procedure, system based approach, risk-based approach, financial risk, compliance risk, operational risk

Abstract:
This article is the first of a series on risk-based auditing and audit evidence.\r\nIn this article there are presented, in brief, details on the audit approches which can be adopted by the auditors when working on a specified audit assigment. Given the nature of the audit process, every audit assignment presents a different chalange to an audit firm as there are no two identical audit assigments.\r\nThere is no one single approach to auditing which ensures the performance of a perfect audit. Taking into account the diversity of the audit assignments, the auditors should also be able to identify and to asses the risk which might occur and also to asses their impact on the financial statements. This article sets the fundamental points on a risk-based approach to auditing. \r\nThe various aspects of auditing planning and documentation where risk-based approach has been adoptedwill be covered in the following article.

---