Place of the risk assessment procedure in the audit process in Ukraine

Abstract

The main concept of audit is assessment of audit risk. In our opinion, the entire audit should be considered as a process of continuous and systematic risk assessment. System approach methods were used, comparison, analysis and synthesis, generalization for the formation of algorithms of the auditor's actions regarding the detection of fraud risks and evaluation of the client's internal control system. For practical application, directions for the auditor's understanding of the client's business, development of an audit strategy, detection of events indicating the risk of material misstatements, sources of misstatements, and conditions creating an environment for fraud are proposed. CZU: [657.922:330.131.7]:657.6(477); JEL: M42, C 13, D 81; DOI: https://doi.org/10.53486/isca2023.25