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ASSESING AUDIT RISK (BUSINESS RISK (ECONOMIC CLIMATE, TECHNOLOGICAL CHARGE…
ASSESING AUDIT RISK
BUSINESS RISK
ECONOMIC CLIMATE
TECHNOLOGICAL CHARGE
COMPETITION
COMPLEXITY OF TRANSACTION
GEOGRAPHICAL LOCATION
5 ELEMENT CONTROL
CONTROL ENVIROMENT
AUDIT RISK ASSEMENT
CONTROL ACTIVITEIS
MONITORING CONTROL
INFORMATION AND COMMUNICATION SYSTEM
INHERENT RISK
THE INITIAL SUCCETIBILITY OF TRANSACTION
OR ACCOUNTING ADJUSTMENT TO BE RECORD ERROR
RECOGNIZE THAT ERROR
FACTOR THAT EFFECT
VOL OF TRANSSACTION
EXPORTISE OF THE ACCOUNTING PERSONNEL
AUDIT RISK
AUDIT EXPRESS IN INAPPROPIATE AUDIT OPINION
WHEN THE FINANCIAL STATEMENT ARE MATERIALLY MISTAKE
TO CONTROL: NOT ACCEPT RISKY CUSTOMER
AR = IR x CR X DR
INTERNAL CONTROL
IDENTIFY TYPE OF POTENTIAL MISSTATEMENT
CONSIDER: FACTOR THAT EFFECT THE RISK MATERIAL STATEMENT
DESIGN TEST
SPECIAL AUDIT REQUIRED:
THERE IS FRAUD
RISK ASSOCIATED WITH SIGNIFICANT ECONOMIC OR ACC DEVELOPMENT
TRANSACTION ARE COMPLETE EITHER DUE TO ACC
DETECTION RISK
RISK THAT AUDIT FAIL DETECT MATERIAL ASSEMENT
CONTROL AND MANAGE:
CAREFULL AUDIT PLANNING
EFFECTIVE AUDIT PROCEDURE
DR = AR / (IR x CR)
UNDERSTANDING CLIENT
INDUSTRY AND REGULATORY FACTOR
MEASUREMENT AND REVIEW OF THE ENTITY FINANCIAL PERFORMANCES
PROCEDURE:
INQUIRY OF MANAGEMENT AND OTHERS
ANALYTICAL PROCEDURES
OBSERVATION ACTIVITIES
INSPECTION OF DOCUMENT
FINANCIAL REPORT RISK
HUMAN ERROR
INADEQUATE INTERNAL CONTROLS
CONTROL RISK
CLIENT INTERNAL CONTROL WILL FAIL TO DETECT MISSTATEMENT
EDITOR DONT RELY TOO HEAVILY ON CLIENT AND INTERNAL CONTROL
LIMITATION
INHERENT RISK IS DIFFICULT TO FORALLY ACCESS
AUDIT RISK IS JUDGEMENTALLY DETERMINED