Audit Storyboard

Auditor inspects client's documents to identify inherent risks
Inherent Risks: Hazards faced in cement manufacturing process, Poorly trained workers, Lack of inventories' maintenance, Failure to comply with company's policies and safety guidelines, Inaccurate reporting, Complex accounting or calculations, Possibility of collusion
Implementing Risk Assessment
ABC Cement Company
Auditor visits client's factory to assess internal controls and examine any control's weaknesses
Finance Manager :We have an Audit Risk Committee that supervise all company financial information..
Assessing Internal Controls
CEO : We implement a whistleblowing system in collaboration with third parties to strengthen its independence..
Auditor:Do you have any internal controls in place?
Auditor A discuss with Auditor B and conclude detection risk
Based on auditor’s analysis and judgment, this company’s inherent risk is high, going concern risk is high, control risk is low, which means moderate to high risk of material misstatement, thus auditor will reduce detection risk (low detection risk) and auditor will carry out thorough substantive testing of all transactions.
Audit Team Meeting:Determining Detection Risk

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