FINANCIAL AUDIT -RISKS IDENTIFIED IN THE AUDIT PLANNING STAGE

Stelian Selisteanu, Nicoleta Mihaela Florea and Radu Buziernescu
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Stelian Selisteanu: University of Craiova Faculty of Economics and Business Administration
Nicoleta Mihaela Florea: University of Craiova Faculty of Economics and Business Administration
Radu Buziernescu: University of Craiova Faculty of Economics and Business Administration

Annals of University of Craiova - Economic Sciences Series, 2015, vol. 1, issue 43, 133-141

Abstract: The general objective of the audit activity is to currently present, under all significant aspects, a financial situation and to state an opinion according to which all economic operations are indeed correct and pursuant the law. As any activity that involves the human factor, the audit activity is subject to the influence of certain risks, risks that emerge, firstly, from an organizational level of the audited entity. In audit, risk is a very important influence element, whose ignorance can generate major implications in achieving the final goal to create an evidences database on which a pertinent and objective opinion can be founded, concerning the audited financial situations. In this context, one of the main objectives, that takes place during the planning phase of the audit, is represented by assessing risks to which the audited activity is subjected to, evaluation that helps the determining the work volume implied by the audit.

Keywords: audit risk; internal control, risk analysis, inherent risk, control risk (search for similar items in EconPapers)
JEL-codes: M40 M42 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:aio:aucsse:v:1:y:2015:i:43:p:133-141

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