A New Audit Methodology for the Digital Era: Risk Assessment
The Digital Audit methodology transforms the risk assessment process, with auditors applying judgements and decisions to recommendations informed by data. Providing a clear structure for audit work responding to risk, Inflo’s risk assessment is a cornerstone of the Digital Audit methodology.
The Digital Audit methodology has many differentiators from traditional audit methodologies. In this series we outline some of the unique functionality utilized within the methodology and how it supports auditors. In this article we cover the risk assessment process within the methodology.
Catch up on other articles in the audit methodology series:
- A New Audit Methodology for the Digital Era: Planning
- A New Audit Methodology for the Digital Era: Workprograms
- A New Audit Methodology for the Digital Era: Audit Data Analytics
- A New Audit Methodology for the Digital Era: Sampling
Inflo Insight | Strengthen Your Advantage
Launched in 2021, Inflo Insight delivers thought leadership articles, research and expert opinions on accounting and audit issues. Our content examines the complexity and challenges audit firms are facing in an evolving business landscape. Our intention is to summarise and simplify key trends and takeaways that saves you time, builds knowledge and capability to adapt.
Inflo was founded by former Big Four auditors with the objective of making more progressive audit technologies and methodologies available to audit firms of all sizes. Our Digital Audit technology and approach improves the quality and relevance of the audit product for over 70% of the UK’s largest, non-Big Four firms. Our goal is to educate and support the profession to embrace and adapt to change and strengthen your advantage.