MATERIALITY AND RISK IN AUDIT ENGAGEMENTS
Keywords:
Materiality, risk, audit engagement, financial statements, audit strategy.Abstract
This article delves into the fundamental concepts of materiality and risk within audit engagements, emphasizing their significance in shaping the audit process. It explores how materiality acts as a benchmark for determining the relevance of financial information and its influence on decision-making. The discussion on risk highlights various types, including inherent, control, and detection risks, and their implications on audit reliability and accuracy. Additionally, the article examines the interrelationship between materiality and risk, offering practical insights into how auditors can define audit scope, allocate resources effectively, and develop risk-based strategies. By integrating these concepts, auditors can enhance the quality, efficiency, and stakeholder confidence in their audit findings.
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