DAY 3 OF 100 AUDIT LESSONS · Risk & Controls
Risk Comes Before Audit Procedure
Do not begin with a list of tests. Begin with the risk that could stop the process from achieving its objective.
Why this matters
Every meaningful audit procedure should respond to a risk.
Take it into your next audit
Do not treat this lesson as theory. Connect it to the process objective, the risk, the control and the evidence available. Ask what the lesson changes about the way you plan, test, discuss or report your work.
Auditribe takeaway: Every meaningful audit procedure should respond to a risk.
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