ACCA考试《审计与认证业务F8》知识点..docVIP

ACCA考试《审计与认证业务F8》知识点(2) 本文由高顿ACCA整理发布，转载请注明出处 　　RELEVANT TO ACCA QUALIFICATION PAPER F8 ANDPERFORMANCE OBJECTIVES 17 AND 18Audit riskCandidates studying Paper F8, Audit and Assurance, are required under thesyllabus to: ‘Explain the components of audit risk and explain the risks ofmaterial misstatement in the financial statements’。This element of the syllabus has been examined in the last three sessions ofPaper F8 – in June 2010, December 2010 and June 2011. However, theperformance of candidates has on the whole been unsatisfactory. This articleaims to identify the most common mistakes made by candidates as well asclarifying how audit risk questions should be tackled in order to maximisemarks.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 planningthe 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 thequestion. Common mistakes made include:providing definitions of the audit risk model, even though this was notpart of the question requirementa lack of understanding of what audit risk is and providing business risksinsteadnot providing an adequate response to the risk. This needs to be fromthe perspective of the auditor and not from management’s perspectivea limited range of risks identified, often just focusing on one area suchas going concern.Audit risk definitionsAudit risk is defined as ‘the risk that the auditor expresses an inappropriateaudit opinion when the financial statements are materially misstated. Auditrisk is a function of the risks of material misstatement and detection risk’。Hence, audit risk is made up of two components – risks of materialmisstatement and detection risk.Risk of material misstatement is defined as ‘the risk that the financialstatements are materially misstated prior to audit. This consists of twocomponents… inherent risk