CHAPTER 6
Risk Assessment and Tests of Internal Controls
In this chapter we focus on and address the following issues:
•Techniques and guidelines for assessing technological, economic, legal, and other forms of risk both in the United States and internationally
•Special focus on business risk and how the auditor can ascertain and determine substantive tests based on the level of risk
•How assessment of business risk varies between the United States (Public Company Accounting Oversight Board [PCAOB]) and abroad (International Standards on Auditing [ISA])
We then focus on an integrally related aspect, namely, internal controls over financial reporting, with special reference to:
•how auditors should assess internal controls over financial reporting; ...
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