AUDITOR’S RESPONSE TECHNIQUE FOR CONSEQUENCES OF DETECTION RISK

The assessment of audit risk is one of the tasks which solution contributes to ensuring the proper quality of the audit, because from its volume depends the users' informational risk of audited financial statements. That is why, in the process of task performing, the auditor is required to take appropriate measures to ensure acceptable level for audit risk. The article proposes the technique of auditor's influence on the consequences of detection risk as the main determinant, which has an effect on the overall audit risk size. The list of audit procedures and the sequence of their application in the process of audit detection risk assessment are presented, factors which influence the detection risk are considered and examples of reducing their impact are given. The algorithm of the auditor's influence on the detection risk consequences is constructed. It is established that the auditor's influence on the detection risk consequences is possible in the case of determining the reliable list of factors that influence on the given risk, as well as the high level of professionalism of the team members. The above-mentioned provides the reducing of the auditor's risks in the process of forming a professional judgment and ensuring the acceptable level of audit risk.