Audit of accounting (financial) statements of a small enterprise: organization risk assessment process

Authors

Filobokova L. Yu.

Abstract

The article presents the author’s methodological approaches to the process of assessing the risks of small enterprises during the audit of their internal control system, which is studied for the purpose of identifying and assessing the risk of material misstatement, both due to dishonest actions and due to errors at the level of financial statements and at the level of assumptions. Entrepreneurship in small organizational and economic forms of management has distinctive features of organization, accounting, the formation of accounting (financial) statements, while the traditional approaches used in the practice of audit expertise do not provide objective and reliable audit evidence on which professional judgments are formed, which predetermined the search and justification of alternative approaches presented by the author in this article.

Keywords

risk assessment process, internal control system, audit of accounting (financial) statements of a small enterprise.