Quantitative analysis of risk assessment auditing
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...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Center for Economic and Financial Research, Belgrade
2016-01-01
|
| Series: | Oditor |
| Subjects: | |
| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/2217-401X/2016/2217-401X1603021S.pdf |
| _version_ | 1818906311949025280 |
|---|---|
| author | Stanojević Ljubiša Trivan Dragan Bakreski Oliver |
| author_facet | Stanojević Ljubiša Trivan Dragan Bakreski Oliver |
| author_sort | Stanojević Ljubiša |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-12-19T21:37:13Z |
| format | Article |
| id | doaj.art-9cac915f08354d59a588dfb3c2f9b247 |
| institution | Directory Open Access Journal |
| issn | 2217-401X 2683-3476 |
| language | English |
| last_indexed | 2024-12-19T21:37:13Z |
| publishDate | 2016-01-01 |
| publisher | Center for Economic and Financial Research, Belgrade |
| record_format | Article |
| series | Oditor |
| spelling | doaj.art-9cac915f08354d59a588dfb3c2f9b2472022-12-21T20:04:46ZengCenter for Economic and Financial Research, BelgradeOditor2217-401X2683-34762016-01-012321372217-401X1603021SQuantitative analysis of risk assessment auditingStanojević Ljubiša0Trivan Dragan1Bakreski Oliver2Visoka škola modernog biznisa, BeogradFakultet za poslovne studije i pravo, Univerzitet Union 'Nikola Tesla', BeogradFilozofski fakultet, Skoplje, Republika MakedonijaAudit 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.https://scindeks-clanci.ceon.rs/data/pdf/2217-401X/2016/2217-401X1603021S.pdfriskaudit probabilityan unqualified opinion |
| spellingShingle | Stanojević Ljubiša Trivan Dragan Bakreski Oliver Quantitative analysis of risk assessment auditing Oditor risk audit probability an unqualified opinion |
| title | Quantitative analysis of risk assessment auditing |
| title_full | Quantitative analysis of risk assessment auditing |
| title_fullStr | Quantitative analysis of risk assessment auditing |
| title_full_unstemmed | Quantitative analysis of risk assessment auditing |
| title_short | Quantitative analysis of risk assessment auditing |
| title_sort | quantitative analysis of risk assessment auditing |
| topic | risk audit probability an unqualified opinion |
| url | https://scindeks-clanci.ceon.rs/data/pdf/2217-401X/2016/2217-401X1603021S.pdf |
| work_keys_str_mv | AT stanojevicljubisa quantitativeanalysisofriskassessmentauditing AT trivandragan quantitativeanalysisofriskassessmentauditing AT bakreskioliver quantitativeanalysisofriskassessmentauditing |