Читать книгу Wiley Practitioner's Guide to GAAS 2020 - Joanne M. Flood - Страница 205

This risk comprises 14% of identified issues related to risk assessment. Failure to assess risk can result in over-auditing or worse, a failure to obtain sufficient appropriate audit evidence. The alert reminds auditors that:

 Regardless of the nature and extent of substantive procedures, they must:Identify the client’s risk of material misstatement through an understanding of its internal control,Assess the risk of material misstatement, andDesign or select procedures in response to those risks.

 Failure to identify at least one significant risk is likely to mean the auditor has failed to comply with AU-C 315.28.Auditors are reminded of the presumption of fraud in revenue recognition and that should be treated as a significant risk. (AU-C 240.26–.27)

 They must identify risk at both the financial statement and relevant assertion levels (AU-C 315.26)

 It is not necessary to document the risk of material misstatement for every audit area. Some assertions are not relevant.