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Audit risk

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit risk

  • This topic has 1 reply, 2 voices, and was last updated 12 years ago by Ken Garrett.
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  • November 24, 2012 at 3:14 pm #55699
    patrickch
    Member
    • Topics: 4
    • Replies: 1
    • ☆

    Dear tutor,

    I understand that the completeness of sales has to be assessed as a high risk in audit. May I know which standard I can refer to for this.

    Other than the completeness of sales, are there any other areas that also have to be assessed as high risk in the Standards?

    Thanks a lot.

    November 24, 2012 at 4:19 pm #108584
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    Why does the completeness of sales have to be to be assessed as high risk? It completely depends on the company, its transactions and its internal control systems. In a cash business, completeness of sales will often be high risk because sales might not be rung up on the cash register and sales therefore not recorded. In a business making credit sales, completeness will usually be much less of a risk.

    No areas ever have to be assessed as high risk: everything depends on the client.

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