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Audit risk

Candidates studying Paper F8, Audit and Assurance, are required under the syllabus to: ‘Explain the components of audit risk and explain the risks of material misstatement in the financial statements’.

This element of the syllabus has been examined in the last three sessions of Paper F8 – in June 2010, December 2010 and June 2011. However, the performance of candidates has on the whole been unsatisfactory. This article aims to identify the most common mistakes made by candidates as well as clarifying how audit risk questions should be tackled in order to maximize marks.

An example question requirement relating to audit risks is as follows:

Describe the audit risks and explain the auditor’s response to each risk in planning the audit of XYZ Co. Previously examined risk questions have carried a mark allocation of 10 marks.

However, a significant majority of candidates have not passed this part of the question. Common mistakes made include: providing definitions of the audit risk model, even though this was not part of the question requirement.

a lack of understanding of what audit risk is and providing business risks instead not providing an adequate response to the risk. This needs to be from the perspective of the auditor and not from management’s perspective.

a limited range of risks identified, often just focusing on one area such as going concern.

Audit risk definitions

Audit risk is defined as ‘the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.

Audit risk is a function of the risks of material misstatement and detection risk’. Hence, audit risk is made up of two components – risks of material misstatement and detection risk.

Risk of material misstatement is defined as ‘the risk that the financial statements are materially misstated prior to audit. This consists of two components… inherent risk … control risk.’

Inherent risk is ‘the susceptibility of an assertion about a class of transaction, account balance or disclosure to a misstatement that could be material, either.

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