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INTERNATIONAL AUDIT STANDARDS (NIA) (NIA 400 (Evaluation of risk and…
INTERNATIONAL AUDIT STANDARDS (NIA)
NIA 400
Evaluation of risk and internal control
Sets standards and provides guidelines for obtaining an understanding of accounting and internal control systems
Risk of control
That an erroneous presentation is not detected, prevented and corrected in time.
Risk of detetion
That the procedures of an auditor do not detect a misrepresentation as an account balance.
Inherent Risk
Susceptibility of a balance of an account or class of transactions to an erroneous representation.
NIA 315
Understanding of the entity and its environment, And evaluation of the risks of material misstatement.
Measurement and review of the entity's financial performance
Valuation of procedure
Internal control of the entity
financial information
Internal control components
Monitoring of controls
Nature of the entity
Business Operations
Objectives, strategies and related business risks.
Inversiones
Financing
Factors of industry, regulation and other external factors
conditions of the industry
Marketing and competition
Product technology,
Supply and cost of energy
Cyclic or seasonal activity