Auditors have been aware of the concept of inherent risk for many years and have also made
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Auditors have been aware of the concept of inherent risk for many years and have also made heavy use of analytical review for quite some time. The reduction of detailed testing in response to these reviews is, however, a relatively recent development. Is the ‘risk-based’ approach simply an excuse to conduct a more superficial audit?
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The riskbased approach in auditing is not simply an excuse to conduct a more superficial audit It is a methodology that recognizes the importance of focusing audit efforts on areas with higher inheren...View the full answer
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