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Risk-Assessment Procedures And Establishing The Size Of Samples For Auditing Financial Statements

Author

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  • Botez Daniel

Abstract

In auditing financial statements, the procedures for the assessment of the risks and the calculation of the materiality differ from an auditor to another, by audit cabinet policy or advice professional bodies. All, however, have the reference International Audit Standards ISA 315 “Identifying and assessing the risks of material misstatement through understanding the entity and its environment” and ISA 320 “Materiality in planning and performing an audit”. On the basis of specific practices auditors in Romania, the article shows some laborious and examples of these aspects. Such considerations are presented evaluation of the general inherent risk, a specific inherent risk, the risk of control and the calculation of the materiality.

Suggested Citation

  • Botez Daniel, 2014. "Risk-Assessment Procedures And Establishing The Size Of Samples For Auditing Financial Statements," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 20.
    • Handle: RePEc:bac:fsecub:14-20-06
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    More about this item

    Keywords

    audit of financial statements; inherent risk; materiality;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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