Risk Assessment Procedures

Risk Assessment Procedures – Auditing & Accounting 📊📄

In this lesson, learn about the procedures auditors use to identify and evaluate risks that may affect the accuracy and reliability of financial statements. Understand how risk assessment guides the overall audit strategy and planning.

💡 Key Concepts Covered:

Definition and purpose of risk assessment procedures

Types of risk assessment procedures:

Inquiry – asking management and staff about processes and potential risks

Analytical procedures – comparing financial data to identify unusual trends or discrepancies

Observation – monitoring operations and processes in practice

Inspection – examining records, documents, and supporting evidence

Assessing inherent risk, control risk, and detection risk

Role of risk assessment in planning and executing audit procedures

Practical examples and case studies

🎯 Ideal For:

Accounting, auditing, and finance students preparing for CBC, KNEC, or professional exams

Learners seeking to understand audit risk evaluation and control procedures

Aspiring auditors, accountants, and financial managers

📘 Learn With Manifested Publishers:
Access structured video lessons, notes, and exercises to master audit risk assessment and ensure compliance with professional auditing standards.

💻 Visit: www.manifestedpublishers.com

📞 Call/WhatsApp: +254 724 173 845

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#RiskAssessment #AuditProcedures #AuditingLessons #ManifestedPublishers #CBCTestPrep #AccountingEducation #AuditRisk #FinancialReporting