The Importance of Risk Assessment in Independent Financial Audit
The Importance of Risk Assessment in Independent Financial Audit

Author(s): Plamena Nedyalkova
Subject(s): Economy, Business Economy / Management, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: assessment; risk; audit; independent audit
Summary/Abstract: Independent financial audit is an activity that has always sought to guarantee the quality of the information presented in the financial statements of enterprises. Thus, over the years, auditors have managed to build a strong public trust in their audit work and the opinion they present to the public, through/with the help of the audit report they have prepared. Independent financial audit can be considered a caribristika, with the help of which historical facts and events are rediscovered, and many economic – political, and social events are explained. At the same time, all auditing activity, no matter how well established it is in terms of procedures and stages of performance, is accordingly susceptible to the influence and impact of various risks on which the final audit opinion depends. For this reason, the purpose of this report is to present the importance of risk assessment in deriving the final audit opinion.

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