Contributions to the Knowledge and Implementation of an Audit Risk Assessment Model

Author:Prof. Sorin BRICIU, Ph. D., Associate Prof. Adela SOCOL, Ph. D., Letiţia ROF, Ph. D. Student

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Keywords:audit risk, inherent risk, control risk, non-detecting risk, assessment model

Abstract:
The aim of the present study is to present a valid and argumentative opinion about the knowledge and implementation of a general audit-risk assessment pattern applicable for financial audit missions. We attempt to describe the analysis procedures for audit risk and examine the main theoretical approaches in the specialty literature, the specific legislation and professional norms in the field of financial audit. For an economic entity - client audit - it is presented a case study regarding the application of the general pattern of audit risk determination. The theoretical approach and description of audit risk quantification offer results about the significance of risk audit determination and identification of major issues that should be taken into account by the auditor with a view to avoiding a non-adequate audit opinion when the financial situations contain significant fallacious items of information.\r\n\r\n

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