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How to Assess Inherent Risk and Control Risk for Revenue
3:42
YouTubeEdspira
How to Assess Inherent Risk and Control Risk for Revenue
After identifying the significant accounts and relevant assertions, the auditor should assess the risk of material misstatement. The risk of material misstatement is a function of both inherent risk and control risk. Risk of Material Misstatement = Inherent Risk x Control Risk The auditor thus needs to: • Assess inherent risk for revenue ...
14.6K viewsApr 25, 2022
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Inherent Risk Book
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investopedia.com6 months ago
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