Assessing risk

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Assessing risk by Mind Map: Assessing risk

1. Inherent risk

1.1. Inherent risk factors

1.1.1. Complexity

1.1.2. Subjectivity

1.1.3. Change

1.1.4. Uncertainty

1.1.5. Susceptibility due to management bias or other fraud risk factors

1.2. Examples of inherent risk factors

2. Assessing inherent risk

3. Spectrum of inherent risk

3.1. Likelihood and magnitude of misstatement

4. Control risk

4.1. Assessing control risk

4.2. Control environment

4.3. Risks that cannot be mitigated by substantive procedures alone

5. Documentation

6. Evaluating the risk assessment

7. Quick overview

8. Current issues and further resources

8.1. Further resources

9. Significant risks

9.1. Significant risks

9.2. Determining significant risks

9.3. Management override of controls

9.4. Response to significant risks

10. Assertion level risks

11. Financial reporting

11.1. Financial reporting

11.2. Fraud and error

11.3. Revenue recognition

11.4. Accounting estimates

11.5. Previous audits

11.6. Client factors

12. Business risks

13. Revision of risk assessment

14. Detection risk

15. Audit risk

16. Financial statement level risks

17. Scope and definitions

17.1. Scope

17.2. Key definitions

18. General principles

18.1. Assertions

19. Designing and performing risk assessment procedures