The Audit Risk Model - Chapter 13 - Audit Risk Assessment Made Easy

If an auditor understands the audit risk model, he or she can effectively and efficiently perform their audit engagements. As you will see, the auditor controls only one of the three components of audit risk. And understanding the audit risk model is key to avoiding audit failure (the issuance of an inappropriate audit opinion).

0:00 Introduction
1:14 Chapter 13: an overview
1:30 What is audit risk?
2:18 Three components of audit risk
3:47 Inherent risk
5:10 Control risk
5:42 Detection risk
6:10 Summary
6:28 Next video: Relevant assertions

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