What question did this study set out to answer?

The aim is to clarify and improve the modeling concepts associated with audit risk planning and evaluation.

June 15, 2026

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.

Abstract

Abstract This paper attempts to clarify the modeling concepts of audit risk planning and of audit risk evaluation. From the SAS No. 47 definition of audit risk and its components, a model is developed and shown to be conceptually different from the one commonly accepted. This model then formally extends and redefines some concepts introduced by similar, tree-like models which, although consistent with the definition of audit risk, are not quite complete for risk planning and risk evaluation.

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