To contribute to the PCAOB project on risk assessment in financial statement audits, we draw on the academic literature to offer insights and conclusions on the risk‐assessment process. We use the PCAOB's (2005) recent briefing paper on risk assessment as the organizing framework for our literature review, and we examine academic auditing literature addressing topics including business risk, inherent risk, control risk, fraud risk, linking risk assessments to subsequent testing, and the audit risk model. Overall, we believe that the results of academic research are consistent with the PCAOB staff's apparent reconsideration of the auditor's risk‐assessment process. We conclude with identification of future research topics and recognition of barriers to performing research that is relevant to standard setters.
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1 June 2006
Research Article|
June 01 2006
Auditor Risk Assessment: Insights from the Academic Literature
Robert D. Allen, Associate Professor;
Robert D. Allen, Associate Professor
University of Utah.
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Dana R. Hermanson, Professor;
Dana R. Hermanson, Professor
Kennesaw State University.
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Thomas M. Kozloski, Assistant Professor;
Thomas M. Kozloski, Assistant Professor
Wilfrid Laurier University.
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Robert J. Ramsay, Associate Professor
Robert J. Ramsay, Associate Professor
University of Kentucky.
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Online ISSN: 1558-7975
Print ISSN: 0888-7993
American Accounting Association
2006
Accounting Horizons (2006) 20 (2): 157–177.
Citation
Robert D. Allen, Dana R. Hermanson, Thomas M. Kozloski, Robert J. Ramsay; Auditor Risk Assessment: Insights from the Academic Literature. Accounting Horizons 1 June 2006; 20 (2): 157–177. https://doi.org/10.2308/acch.2006.20.2.157
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