characteristics moderate risk-taking behaviour under such circumstances. For example, we find that subjects high in sensation seeking …

Auditors gather evidence to formulate their judgment on financial statements and in assessing the risk factors …

Business risk and inherent risk both bear on the audit; the audit risk model; and the nature, timing, and extent of … work performed. Inherent risk and business risk bear an inverse relationship to detec‐tion risk and have a direct effect on … the level of work performed. Neither risk can be eliminated totally and neither is controllable by the auditor. Business …

Until recently, the formal model for the estimation of audit risk was relatively straightforward. There were two major … approaches: the familiar multiplicative planned risk model in the USA and UK; and the Canadian Bayesian posterior risk model …. Recent work has substantially changed the framework for estimating audit risk. Aims to evaluate these proposals and to …

Auditors need to assess organizations′ risk‐taking behaviour in the changing marketplace. Discusses strategic risk … the two types of risk – action and inaction risk – and goes on to clarify their importance to firms. Examines various … techniques and strategies to eliminate risk for companies and these are listed and discussed. Concludes that there are several …

department. Suggests that individual auditors′ risk‐taking propensity and tolerance for ambiguity can adversely affect many …

; developing the basic plan to achieve the objective; consideration of such aspects as risk and materiality; anticipation of …

select a procedures‐driven approach or a risk‐driven approach. In a procedures‐driven approach, the audit procedures are … commonly employed or because they were used on the last examination of the auditee. In a risk‐driven approach, specific … procedures are planned only after consideration of the risks. A risk‐driven approach is generally more effective and efficient …

Explores the state of the art in internal auditing risk assessment techniques by reviewing professional requirements as … stated in Statement of Internal Auditing Standards (SIAS) No. 9 and then examining and discussing currently available risk … assessment techniques. Models explored in the study include the traditional risk assessment model and those by Wilson and Randon …