AUDIT RISK IN THE CONTEXT OF THE AUDIT PROFESSION
AUDIT RISK IN THE CONTEXT OF THE AUDIT PROFESSION

Author(s): Veronika Krsikova, Lukasz Rybka
Subject(s): Business Economy / Management, Accounting - Business Administration, Business Ethics
Published by: Masarykova univerzita nakladatelství
Keywords: audit risk; audit profession; business risk; ethics of auditor;
Summary/Abstract: The economic life is closely associated with the audit profession that is accompanied by audit risks. These risks are usually determined by business risks. All accounting units are subject tothe business risks while carrying out their business activities. The accounting unit management is responsible for identifying potential risks and responding appropriately. The audit profession might eliminate these risks. The auditor is focused on the risks which may affect the financial statements due to the fact that not all risks concern a preparation of financial statements.

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