What question did this study set out to answer?

This paper aims to survey existing auditing literature and evaluate the effectiveness of audit risk models in practice.

June 15, 2026

Analytical Approaches to Audit Risk: A Survey and Analysis.

Key Points

This paper aims to survey existing auditing literature and evaluate the effectiveness of audit risk models in practice.
Conducted a survey of auditing literature on audit risk modeling.
Critically examined a representative audit risk model.
Developed a set of practical application rules for auditors.
Identified several flaws in the current audit risk model that limit its usefulness in practice.
Proposed practical rules to help auditors avoid issues when applying the audit risk model.

Abstract

Abstract This paper surveys the growing body of auditing literature which advocates the use of models in the measurement and control of audit risk. This paper critically examines a representative audit risk model and identifies several flaws in the model which limit its applicability in practice. In order to assist auditors in avoiding problems which may arise from using the audit risk model, the paper proposes a set of rules for its application in practice.

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