Abstract:

Audit organizations are commercial enterprises which function in conditions of tough competition with the prevailing principles of independence and objectivity, working to increase additional income and strengthen their competitiveness on the audit services market. In connection to this, one of the priorities of the operation for these organizations is making commercial gains by minimizing risks.  In this paper, a new interpretation of the traditional concept of “audit risk” is proposed, based on which we will determine the areas of audit risk, methodology for its assessment and analysis using a system of interrelated factors and indicators, which have a significant effect on the quality of audit evidence.