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Financial Audit -Risks Identified In The Audit Planning Stage

Author

Listed:
  • Stelian Selisteanu

    (University of Craiova Faculty of Economics and Business Administration)

  • Nicoleta Mihaela Florea

    (University of Craiova Faculty of Economics and Business Administration)

  • Radu Buziernescu

    (University of Craiova Faculty of Economics and Business Administration)

Abstract

The general objective of the audit activity is to currently present, under all significant aspects, a financial situation and to state an opinion according to which all economic operations are indeed correct and pursuant the law. As any activity that involves the human factor, the audit activity is subject to the influence of certain risks, risks that emerge, firstly, from an organizational level of the audited entity. In audit, risk is a very important influence element, whose ignorance can generate major implications in achieving the final goal to create an evidences database on which a pertinent and objective opinion can be founded, concerning the audited financial situations. In this context, one of the main objectives, that takes place during the planning phase of the audit, is represented by assessing risks to which the audited activity is subjected to, evaluation that helps the determining the work volume implied by the audit.

Suggested Citation

  • Stelian Selisteanu & Nicoleta Mihaela Florea & Radu Buziernescu, 2015. "Financial Audit -Risks Identified In The Audit Planning Stage," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(43), pages 133-141.
    • Handle: RePEc:aio:aucsse:v:1:y:2015:i:43:p:133-141
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    File URL: http://feaa.ucv.ro/AUCSSE/0043v1-012.pdf
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    More about this item

    Keywords

    audit risk; internal control; risk analysis; inherent risk; control risk;
    All these keywords.

    JEL classification:

    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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