Toward a More Consistent Model for Audit Risk.

Key Points

• The aim is to clarify and improve the modeling concepts associated with audit risk planning and evaluation.
• Developed a new model based on SAS No. 47 definition of audit risk and its components.
• Critically compared the new model with existing tree-like models.
• Showed how the new model provides a more comprehensive understanding of audit risk.
• The new model is conceptually different from the commonly accepted model.
• It extends and redefines previous concepts, addressing gaps in existing models.
• The proposed model enhances the completeness of audit risk planning and evaluation.