Risk Assessment update

After receiving a number of requests to clarify best practice for risk assessment and how Audit Assistant addresses the requirements of the auditing standards to do this, we completed a series of articles starting here

This exercise prompted us to add some extra clarification into the Risk Analysis, Strategy and Plan page. This included some clarifying notes around the three types of risk being identified there, changing the assessment of overall audit risk to either acceptable or unacceptable, and some guidance around what a low or high detection risk should prompt in terms of level of substantive testing: 

 

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