Business Risk Vs Audit Risk
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Audit risk is the risk that auditor will express an inappropriate opinion when the financial statements are materially misstated i e.
Business risk vs audit risk. In effect internal auditing becomes more efficient by relying on the erm process and it manages its own audit risk. While internal auditing can perform its own assessment of business risk the internal auditing function should leverage management s risk assessment process when management has a formal erm program in place. Are you doing what you said you were going to do to manage risk.
Business risk on the other hand includes factors that could hinder the goals and objectives of the company during the course of an audit. That is provide effective timely and efficient show more content. The assessment and management of business risk has evolved into formalized enterprise risk management erm in many organizations.
Audit risk is the risk that auditors issued the incorrect audit opinion to the audited financial statements for example auditors issued an unqualified opinion to the audited financial statements even though the financial statements are materially misstated. In other words the material misstatements of financial statements fail to identify or detect by auditors. Audit serves as the assurance arm of risk management answering the question.
Auditor will express an opinion that financial statements are giving true and fair view where in fact the financial statements are materially misstated and thus are not giving true and fair view of the business. Both audit and enterprise risk management erm functions focus on an organization s risk profile and areas of great risk importance and exposure but the two often take different approaches. 4 audit risk business risk and audit planning.
By contrast audit risk relates mainly to the internal and external audit efforts to achieve its objectives. There is a model to calculate this risk it is the multiplication of inherent risk control risk and detection risk. An audit risk is when the opinion is inappropriate on the financial statements.
Financial risk relates to how a company uses its financial leverage and manages its debt load.
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