Audit Risk Model - Management Assignment Help

Assignment Task

It is analyse that audit risk model is used or designed to identify the inherent, detention, and control risk associated with the audit procedure of organization. However, there are several risk which could not be managed and mitigated by auditors of company irrespective of the assertion test implemented in the audit procedure. 
 

    In order to compute the audit risk of the company, we need to multiply detention risk, control risk and inherent risk associated with the financial statement of company. There are following risks are given which might be faced by the Resonance Health Company in its audited financial statements (Resource Base Limited, 2018).
 

The inherent risk of the Resonance Health Company would be determined high as there is chances that company have high misstatement in its financial statement due to its increased complexities of the financial statements.  
 

    The control risk of company would be moderate as company may face issues in identifying the reporting and accounting frameworks issues. In case of The Resonance Health Company, control risk would be high as company has been filling its financial statement domestic and internationally (Resource Base Limited, 2018).
 

In addition to this, detention risk of The Resonance Health Company would also be moderate as there is less chances of the fraud, errors and omission to occur in the financial statements of company. All the accountants are highly experience and faces less issues in preparing the financial statements of company. 
 

The audit risk model is used to identify the audit risk of the audit procedure implemented to evaluate the transparency   and true and fair view of the assets and liabilities of the company. 

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