Rules in the Process of Determining Audit Risk

Author:Pami BAHL, ACCA

JEL:M42

DOI:

Keywords:audit risk, material misstatement, inherent risk, control risk, detection risk

Abstract:
This article aims to identify the most common mistakes which can be made by auditors as well as to clarify how audit risk questions and all other related aspects should be managed. The professional auditors must take into account the fact that each audit will provide them with a variety of audit risks and they have to try to identify as many as possible, as part of their planning process. \r\nAudit risk is and it will continue to be one of the most important elements during the audit process.

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