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Realization of the risk-based approach to the audit work in conditions of application of the International Auditing Standards

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Abstract

The purpose of the research is to develop theoretic-methodological provisions and practical recommendations on identification and use of the audit risk throughout all audit stages, which let audit to be performed quickly and efficiently. The paper shows the audit risks management procedure, which is based on the risk map and allows planning and modifying audit procedures sufficiently in response to the assessed risk of the material accounting misstatements. It also allows showing the information on the key risks in the audit reports in compliance with the requirements of the International Auditing Standards. The developed model of the audits risk map is efficient for the grounding of the fair proper procedures of the material accounting misstatements risks management throughout all audit stages; for the formation of the complete and transparent audit files; for the explanation of the audit report’s correspondence to the collected audit evidences.