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Practical Instruments for Business Risk Assessment in Financial Audit

The article deals with the business risk aspect in the financial audit activity, from a practical approach point of view. The business risk is influenced by the firm's ability to reach its targhets and implement its strategies. These strategies may be assessed by financial auditors by using analytical management methods such as SWOT, PEST, the five forces model or the product life cycle model, or the audit specific instruments such as the analytical review procedures. The results fo this assessment highlight the business risks which may be measured according to be emergence probability for such risks with the final goal of quantifying the business risk. The risk is correlated with the audit risk through direct influenced on the inherent risk and the control risk. Taking into consideration the focus on essential arreas of the business, the businessrisk assessment represents on important audit technique.

Key terms: business risk, audit risk, analytical procedures, SWOT analysis, PEST, the five, forces model, product life, risk evaluation matrix

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