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2000•Southern African Journal of Accountability and Auditing ResearchRequires access

n Ouditeur se besigheidsrisiko

Elza Odendaal

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Abstract

In addition to audit risk, an auditor is also exposed to business risk. In this paper, an auditor's business risk is described and the relationship between audit risk and business risk is indicated. A method is developed whereby an auditor's business risk is determined during client acceptance decisions and when the audit approach is developed. The method proposes that an auditor should first determine audit risk and then his business risk, and then adjust the audit risk to give the desired level of business risk. The auditor thus not only complies with the requirements of auditing standards, but will also be able to limit the risk of loss to his professional practice.

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What this paper is about

In addition to audit risk, an auditor is also exposed to business risk. In this paper, an auditor's business risk is described and the relationship between audit risk and business risk is indicated. A method is developed whereby an auditor's business risk is determined during client acceptance decisions and when the audit approach is developed. The method proposes that an auditor should first determine audit risk and then his business risk, and then adjust the audit risk to give the desired level of business risk. The auditor thus not only complies with the requirements of auditing standards, but will also be able to limit the risk of loss to his professional practice.

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Available abstract

In addition to audit risk, an auditor is also exposed to business risk. In this paper, an auditor's business risk is described and the relationship between audit risk and business risk is indicated. A method is developed whereby an auditor's business risk is determined during client acceptance decisions and when the audit approach is developed. The method proposes that an auditor should first determine audit risk and then his business risk, and then adjust the audit risk to give the desired level of business risk. The auditor thus not only complies with the requirements of auditing standards, but will also be able to limit the risk of loss to his professional practice.

Key concepts: Audit risk, Audit, Business, Business risks, Inherent risk (accounting), Accounting, Audit plan, Auditor independence

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