The aim of risk assessment in auditing standards is to improve the quantity and effectiveness of audits by substantially changing the audit practice” (Ramos, 2009). Statements on auditing standards nos. 104-111 provide increased rigor to the audit process in a number of key areas, including the assessments of inherent and control risks and the linking of these risk assessments to further audit procedures. After reading Ramos, M. (2009) and Lamoreaux, M.G. (2011) and watching the videos for Module 2, discuss the importance of inherent and control risk assessment prior to an audit.
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The aim of risk assessment in auditing standards is to improve the q.docx
1. The aim of risk assessment in auditing standards is to improve
the quantity and effectiveness of audits by substantially
changing the audit practice” (Ramos, 2009). Statements on
auditing standards nos. 104-111 provide increased rigor to the
audit process in a number of key areas, including the
assessments of inherent and control risks and the linking of
these risk assessments to further audit procedures. After reading
Ramos, M. (2009) and Lamoreaux, M.G. (2011) and watching
the videos for Module 2, discuss the importance of inherent and
control risk assessment prior to an audit.
