AUDIT RISK ASSESSMENT PROBLEM: THEORETICAL AND PRACTICAL ASPECTS

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 AUDIT RISK ASSESSMENT PROBLEM: THEORETICAL AND PRACTICAL ASPECTS

Journal Title: Jaunųjų mokslininkų darbai - Year 2014, Vol 41, Issue 1

Abstract

 The article analyzes the audit risk assessment problems. Analysis of the scientific literature found that audit risk assessment can be used in such models as: 1) classical, 2 ) expanded, 3) risk-based , 4) activity-based (ABREMA), 5) Beat, Fearnely, Brandt, and 6 ) improved. All of these models help clarify the components of audit risk and is useful for the planning phase of the audit, although the components of the assessment are subjective and many models do not cover all the risks that may affect the scope of the audit and the audit results. Most of the audit risk assessment models are based on the principles of the classical model. The most widely used by auditors in Lithuania is the classic audit risk assessment model. However, its application remains unappreciated for such an important risk to the independence of the auditor‘s risk of material misstatement arising from fraud or errors, and the audited company‘s business risk. It is therefore necessary to create an audit risk assessment model, which would include all the relevant risk assessments and is suitable for use in audit practice.

Authors and Affiliations

Loreta Eimanavičiūtė, Aurelija Kustienė

Keywords

EP ID EP95359
DOI -
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