Risks of Material Misstatement of Revenues

What is Revenue? Revenues that the entity recognizes in the income statement during the year are income that the entity sells the goods or services to its customers. These revenues are recognized when the control is passed from the entity to its customers. It is...

What are the engagement risks in the audit?

Introduction During the audit process, auditors have to be increasingly wary of the inherent risks that are involved in the audit process. Risk identification tends to be an important part of the audit engagement process because of the fact that it involves potential...

How to Identifying Audit Risk? (Guidance)

The auditor’s goal is to become aware of and accurately determine the risks of a material misstatement by providing a basis for designing and enforcing responses to the risks of material misstatement. It is important to refer to the traditional audit risk model...