Mathematical Tools Used in Assessing the Audit Risk

Author:Associate Prof. Irimie Emil POPA, Ph. D.; Georgeta Ancuța ȘPAN, Ph. D. Student; Associate Prof. Cristian DRAGOŞ, Ph. D.; University Lecturer Codruţa MARE, Ph. D.

JEL:M42

DOI:

Keywords:audit risk, audit risk assessment questionnaire, international standards on auditing

Abstract:
The complexity of the economic and social environment and the influences of the current financial crisis are elements with effect on the auditors responsibilities, the risks they faced with are considerably larger and also more diversified. All these things have led to an audit mission approach based on risks. Auditors` ability to predict and assess the risks of the mission is sometimes limited due to the lack of concrete working methods and procedures and the necessity of exercising their professional judgment. This study presents an analysis on the method used by the Romanian auditor in assessing the audit risk, highlighting the need for an increased objectivity and accuracy of this element, with general implications on the entire audit mission.\r\n

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