An integrative model of risk management in auditing

This paper develops a complex model of audit risk associated with the audit function. The model recognizes the multiple interrelated risks faced by the auditor today. It includes concepts related to audit technology, client portfolio management and total quality management. The paper is organized as...

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Bibliographic Details
Published in:American business review 2000-06, Vol.18 (2), p.113
Main Authors: H Fenwick Huss, Jacobs, Fred A, Patterson, Denise M, Park, Manyong
Format: Article
Language:English
Subjects:
Accounting firms
Audit risk
Auditing policies
Auditing procedures
Auditing standards
Auditors
Client relationships
Compliance
Economic models
Fair presentation
Financial statements
Liability
Litigation
Portfolio management
Professional standards
Risk management
Studies
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Summary:This paper develops a complex model of audit risk associated with the audit function. The model recognizes the multiple interrelated risks faced by the auditor today. It includes concepts related to audit technology, client portfolio management and total quality management. The paper is organized as follows. The first section presents the prior risk related to the professional auditor's risk. A model of risk management is introduced in the subsequent section followed by a discussion of the practical implications of the model for practice management. Suggestions for future research are provided.
ISSN:0743-2348