今日帮考网为大家带来“2020年ACCA考试审计与认证业务（基础）精选考点(1)”的相关知识点，各位辛勤备考的小伙伴一起来看看吧。

AUDIT RISK

individually or when aggregated with other misstatements, before consideration of any related controls.’ Control risk is ‘the risk that a misstatement that could occur in an assertion about a class of transaction, account balance or disclosure and that could be material, either individually or when aggregated with other misstatements, will not be prevented, or detected and corrected, on a timely basis by the entity’s internal control.’

Detection risk is defined as ‘the risk that the procedures performed by the auditor to reduce audit risk to an acceptably low level will not detect a misstatement that exists and that could be material, either individually or when aggregated with other misstatements.’ Audit risk questions require candidates to identify risks of material misstatements, which include inherent and control risks as well as detection risks.

Audit risk model

In all three sessions a number of candidates have wasted valuable time by describing the audit risk model along with definitions of audit risk, inherent risk, control and detection risk. Unless the question requirement specifically asks for the ‘components of audit risk’ or ‘a description of the audit risk model’, candidates should not provide definitions of audit risk, inherent risk, control risk or detection risk as no marks are available.

Audit risk versus business risk

The main area where candidates continue to lose marks is that they do not actually understand what audit risk relates to. Hence, they frequently provide answers that consider the risks the business would face or ‘business risks’, which are outside the scope of the syllabus. There are no marks available for business risks. Business risks are defined as ‘a risk resulting from significant conditions, events, circumstances, actions or inactions that could adversely affect an entity’s ability to achieve its objectives and execute its strategies, or from the setting of inappropriate objectives and strategies’.

Risks must be related to the risk arising in the audit of the financial statements and should include the financial statement assertion impacted. Therefore, audit risks should be related back to relevant assertions.

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