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2016, vol. 2, iss. 3, pp. 21-37
Quantitative analysis of risk assessment auditing
aVisoka škola modernog biznisa, Beograd
bUniversity 'Union - Nikola Tesla', Faculty for Business Studies and Law, Belgrade
cFilozofski fakultet, Skoplje, Republika Makedonija
Keywords: risk; audit probability; an unqualified opinion
Abstract
Audit risk is the risk that affects the auditor to form an unqualified opinion on the financial statements which contain a material false information. Audit risk, given that it is a probability categories, can not be fully determined. Although the auditor has documentary evidence, and has experience and expertise, still remains a chance that there are errors or omissions in the performance audit, and therefore a certain risk of audit. In such circumstances, the auditor must identify an acceptable level of overall audit risk and seek reasonable assurance for ranking risks from various sources. Determination of control risk is a function of the effectiveness of internal controls. The better internal control reduces the risk control and vice versa. Control risk can never be zero because internal controls can never be as effective to prevent or detect a material error.
References
*** Međunarodni računovodstveni standardi (IAS 5)
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article language: Serbian
document type: Original Scientific Paper
DOI: 10.5937/Oditor1603021S
published in SCIndeks: 26/06/2018