ADVANTAGES OF IMPLEMENTING A RISK-BASED AUDIT APPROACH IN PRACTICE ACCORDING TO INTERNATIONAL AUDITING STANDARDS
Keywords:
Risk-based audit, International Standards on Auditing, ISA, audit quality, internal control, corporate governance, audit risk, financial statements, audit evidence, transparency, assessment process, audit technologies.Abstract
This article thoroughly examines the theoretical and practical
advantages of applying a risk-based audit approach in organizing audit activities in
accordance with International Standards on Auditing (ISA). Risk-based auditing
enables auditors to focus more heavily on areas with a high likelihood of material
misstatements in financial statements, make efficient use of audit resources, and
conduct a deeper assessment of internal control systems. The study scientifically
highlights the impact of this approach on information transparency, corporate
governance efficiency, investor trust, and audit quality within joint-stock companies.
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