This article argues that the Treasury Department and professional organizations should make it clear that tax return preparers may make full disclosure of Service audit risks
to the extent this information is known.
Auditors must develop audit plans in which they document the audit procedures that are expected to reduce the audit risks
to acceptably low levels.
I posit that auditors' knowledge of the client's industry positively affects auditors' ability to assess audit risks
The purpose of this study is to assess empirically whether component audit risks
are assessed independently or are assessed interdependently and conditionally (i.
In order to identify audit risks
, the accountant should evaluate closely management's understanding of the accountant's responsibilities and prior audit history, the reasons for changing accounting firms, management's integrity, the technical ability of the accounting firm to serve the client, the accounting firm's "independence" and any other special circumstances.
47, Audit Risks
and Materiality in Conducting an Audit, provides guidance on the auditor's consideration of audit risk
and materiality when planning or performing an audit.