The Inherent General Risk Issues

Florin Ioan Scortescu () and Gheorghe Scortescu
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Florin Ioan Scortescu: Associate Professor Ph.D., "Petre Andrei" University of Iasi, Romania
Gheorghe Scortescu: Professor Ph.D., "Petre Andrei" University of Iasi, Romania

Anuarul Universitatii „Petre Andrei” din Iasi / Year-Book „Petre Andrei” University from Iasi, Fascicula: Drept, Stiinte Economice, Stiinte Politice / Fascicle: Law, Economic Sciences, Political Sciences, 2019, vol. 24, 182-189

Abstract: The risk of significant misstatement (RDS) is the risk that the financial statements are significant misstated prior the audit. It consists of two components, namely the inherent risk (IR), which refers to the susceptibility of an assertion about a class of transactions, account balance or presentation to be materially misstated, either individually or in aggregate with other misstatements, before taking into account any checks related control risk (CR), which is the risk that a misstatement that could occur at the level of claims on a class of transactions, account balance or presentation could be material, either individually or aggregated with other misstatements, will not be prevented or detected and corrected on time by the entity's internal control. Evaluation based on evidence of the inherent general risk is carried out below.

Keywords: inherent; risk; misstatements; financial; statement; control (search for similar items in EconPapers)
JEL-codes: K1 K2 K4 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:lum:rev11d:v:24:y:2019:i::p:182-189

DOI: 10.18662/upalaw/39

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