Auditing - The Risk-Based Approach Introduction Risk, plays a large part in the world of Auditing. Audit risk, represents risk to an auditor or an audit firm, as the risk of paying damages to a client may arise out of negligent work when trying to show a true and fair view of a set of company accounts. All audit work involves some level of risk; this may be because a set of company accounts have …
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…be identified '...in which auditors' judgement of inherent risk and control risk can become more accurate and consistent'. REFERENCES Grobstein M, Loeb S, Neary R, (1985) Auditing: A Risk Analysis Approach, Richard D. Irwin, Inc Millichamp A (2002) Auditing, 8th Edition, Continuum Sherer M, Turley S, (1998) Current Issues in Auditing, 3rd Edition, Paul Chapman Venables J.S.R, Impey K.M, (1991) Internal Audit, 3rd Edition, Butterworth & Co Woolf E (1988) Auditing Today, 4th Edition, Prentice Hall