Risk Assessment

IntroductionAudit objectives ASA 300.4 the objective of the auditor is to plan the audit so that it will be performed in an efficient and effective way.Why plan (Auditing Standard ASA 315, 2015).Knowing the CompanyCompany's business - overview, customers, suppliers, unions also selection and application of accounting policies, including the reasons for changes thereto. (Ref: Para. A36, ASA 315.11).Industry - competition, regulation (Ref: Para. A25-A30, ASA 315.11)EconomySignificant Business Risk The entity's objectives and strategies, and those related business risks that may result in risks of material misstatement (Ref: Para. A37-A43, ASA 315.11)".References