Methodological aspects of evaluation of risk in audit

Abstract

Audit is always accompanied by an appropriate audit risk. There is currently no practical way to reduce it to zero. Domestic and foreign experts point out that audit risk belongs to one of the fundamental and complex categories of audit, and its identification and evaluation are considered the key elements of the audit process. Audit risk by its nature implies uncertainty, so its assessment may not be ideal. Any method of risk assessment aims to maximize the approach to the real result, but does not allow avoiding errors.