audit risk assessment
Risk assessment is the most important task in an audit engagement. It makes an audit successful or failure. If risk is not determined properly, material misstatement might remain although the audit procedures in other areas have been performed properly.
The following areas were covered.
• fraud risk
• business/operational processes and controls
• audit materiality
• interactive audit materiality calculations
• interactive preliminary audit analytics
• financial statements level risks with examples
• assertions level risks with examples
• general it controls