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Sir , what are actually the risk assessment procedure in Audit? because i could not really understand them if i am asked on the december exams.
I will be very happy to hear from you . Thank you in advance.
See Chapter 9 of our notes and lectures. There, the three components of audit risk are explained: inherent risk, control risk and detection risk.
There is no single set of procedures for assessing risk because its sources are so diverse. Methods include:
Inspection of last year’s audig file for problems that arose then
Discussion with client
Analytical procedures
Observation (eg the state of the stores)
Assessment of the internal control system
Assessment of tge auditor’s experience and of knowledge about the client.
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