Overview

audit risk


'audit risk' can also refer to...

audit risk

risk-based audit

Audit, Trust, and Risk

risk-based audit

Clinical governance, audit, and risk management

Spotlight: Information Risk Management and Audit Specialist Group

Audit of a pre-employment risk identification form

P-0235CARDIAC TOXICITY OF RALTITREXED IN HIGH-RISK PATIENTS – RESULTS OF A PATIENT AUDIT

Community nephrology: audit of screening for renal insufficiency in a high risk population

Litigation in anaesthesia: areas of high clinical risk and the National Audit Projects

Screening-Preventable Cervical Cancer Risks: Evidence From a Nationwide Audit in Sweden

224AUDIT OF FRID (FALL RISK INDUCING DRUGS) RATIONALISATION IN AN ACTIVE REHABILITATION UNIT

SPINKS, Mary Cecilia (born 1940), health services consultant, specialising in risk management, audit and expert opinion on malpractice, 1993–2010

An audit of recording cardiovascular risk factors in patients with rheumatoid arthritis and systemic lupus erythematosus in centres in East Anglia and the South East

Screening for high‐risk and elevated alcohol consumption in day and shift workers by use of the AUDIT and CDT

5th National Audit Project (NAP5) on accidental awareness during general anaesthesia: summary of main findings and risk factors† ‡

P-160IS UK STILL IN THE EUROZONE? VALIDATING AN OFF-THE-SHELF RISK SCORING SYSTEM: A PROSPECTIVE AUDIT

COMBINING THE AUDIT QUESTIONNAIRE AND BIOCHEMICAL MARKERS TO ASSESS ALCOHOL USE AND RISK OF ALCOHOL WITHDRAWAL IN MEDICAL INPATIENTS

73. Audit of Shared Care High-Risk Medicine Testing in the North of Scotland and Recommendations for Improvement

 

More Like This

Show all results sharing this subject:

  • Accounting

GO

Show Summary Details

Quick Reference

The risk that an auditor fails to qualify the auditors’ report when the financial statements are materially misleading, i.e. do not give a true and fair view. The audit risk consists of three components: the inherent risk, i.e. the likelihood of misstatements occurring in the absence of controls; the control risk, i.e. the risk that misstatements may not be prevented or detected on a timely basis by the internal control system; the detection risk, i.e. the risk that the auditor’s substantive tests will not detect a misstatement that exists on an account balance or class of transactions.

the inherent risk, i.e. the likelihood of misstatements occurring in the absence of controls;

the control risk, i.e. the risk that misstatements may not be prevented or detected on a timely basis by the internal control system;

the detection risk, i.e. the risk that the auditor’s substantive tests will not detect a misstatement that exists on an account balance or class of transactions.

A quantification of each of these elements, when multiplied together, gives a measure of the audit risk. See also alpha risk and beta risk.

Subjects: Accounting.


Reference entries

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.