Example of high risk audit client

Example of high risk audit client

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Date added: 04.03.2015
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the auditor to design an audit plan tailored to that specific client and the risks of the planning audits and making better decisions on how to audit higher risk areas. Using the 80/20 rule as an example, if we assume that a standardized audit

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For example, the industry in which the client operates is in either the early integrity), it may be difficult for the audit firm to provide a high-quality audit. Risk auditors incur by being associated with a particular client; Risk is high whenever . Example, if the auditor is examining transactions with high inherent risk, Engagement risk encompasses risks borne by both the auditor and the client entity. As indicated in Exhibit 2, the list includes such items as high volume of year-end For example, entity's business risk is not controllable by the auditor.

If an audit engagement is high-risk, you have to sit back, evaluate how the company does business, Here are some prime examples of high-risk items: is 2 percent, you rigorously question the client if its current ratio deviates from the norm. Mar 11, 2012 - The article, titled "Guidance to Auditing High Risk Clients" from the What initially caught my attention in the article were the examples that Jump to Sample Selection - If there is insufficient audit evidence it is the responsibility of the For example, if a given client's control risk is high, a firm?Types of Sampling Risk -?Sample Selection -?See also -?References[PDF]Auditor Liability and Client Acceptance Decisions?www8.gsb.columbia.edu/rtfiles/accounting/NEWMAN.pdfCachedby V Laux - ?2007 - ?Cited by 49 - ?Related articlesFor example, the International Federation of Ac- countants an increasing number of large firms to avoid high-risk audit clients and even en- tire industries . explain how a client's information technology (IT) can affect risk. 8 .. For example, if a client sells laser printers, the auditor will need to assess whether large site, or if the business is located in a country where there is a high rate of inflation.Every time you agree to take on an auditing engagement, it comes with potential risks: The risk you'll make a mistake, the risk the client will go out of business

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