{"id":17196,"date":"2025-12-20T09:44:32","date_gmt":"2025-12-20T09:44:32","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=17196"},"modified":"2025-12-20T09:51:09","modified_gmt":"2025-12-20T09:51:09","slug":"risk-based-audit-from-risks-to-assertions-to-audit-procedures","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/risk-based-audit-from-risks-to-assertions-to-audit-procedures\/","title":{"rendered":"Risk-based Audit : From Risks to Assertions to Audit Procedures"},"content":{"rendered":"\n<a href=\"https:\/\/www.linkedin.com\/in\/iris-orhand-203b47217\/\" target=\"_blank\"><img decoding=\"async\" style=\"padding: 5px\" title=\"\" src=\"https:\/\/www.simtrade.fr\/blog_simtrade\/wp-content\/uploads\/2025\/12\/img_SimTrade_Photo1_Iris_Orhand.png\" alt=\"Iris ORHAND\" width=\"133\" align=\"right\" \/><\/a>\n\n<p>In this article, <a href=\"https:\/\/www.linkedin.com\/in\/iris-orhand-203b47217\/\" target=\"_blank\">Iris ORHAND<\/a> (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares a technical article about risk-based audit.<\/p>\n\n\n<h2>Introduction<\/h2>\n\n<p>Financial statements are not audited by \u201cchecking everything\u201d. In practice, auditors use a risk-based approach: they identify what could materially go wrong, link those risks to specific financial statement assertions, and then design the right audit procedures to obtain sufficient and appropriate evidence. \u201cMaterially\u201d means that an error or omission is significant enough to influence the decisions of users of the financial statements, meaning it has a real impact on how the financial information is interpreted.<\/p>\n<p>This article explains a simple but powerful framework widely used in audit:\nRisks\u2192Assertions\u2192Procedures. It\u2019s the logic I applied during my experience in financial audit at EY, where this methodology helps teams prioritize work, structure fieldwork, and produce clear conclusions.<\/p>\n\n\n<h3> The audit risk model: why \u201crisk-based\u201d makes sense <\/h3>\n<p> At a high level, auditors aim to reduce the risk of issuing an inappropriate opinion. A classic way to express this is:<\/p>\n<p>Audit Risk (AR) = Inherent Risk (IR) \u00d7 Control Risk (CR) \u00d7 Detection Risk (DR)<\/p>\n<ul>\n<li>Inherent risk (IR): the risk a material misstatement exists before considering controls (complexity, estimates, judgment, volatile business, etc.). <\/li>\n<li>Control risk (CR): the risk that internal controls fail to prevent or detect a misstatement. <\/li>\n<li>Detection risk (DR): the risk that audit procedures fail to detect a misstatement that exists.<\/li>\n<\/ul>\n<p>In practice, when IR and\/or CR are high, auditors respond by lowering DR through stronger procedures: more evidence, better targeting, larger samples, more reliable sources, and more experienced review.<\/p>\n\n<h3> Materiality: focusing on what matters <\/h3>\n<p>Because financial statement users care about decisions, audit planning relies on materiality (and performance materiality) to size the work. Materiality helps answer:<\/p>\n<ul>\n<li>What could influence users\u2019 decisions?<\/li>\n<li>Which line items\/disclosures require deeper work?<\/li>\n<li>What magnitude of error becomes unacceptable? <\/li>\n<\/ul>\n\n<p>This is also why \u201crisk-based\u201d is essential: the audit effort is scaled to what is material and risky, not what is merely easy to test.<\/p>\n\n<h3>Assertions: translating accounting lines into \u201cwhat could be wrong\u201d<\/h3>\n<p> Assertions are management\u2019s implicit claims behind each number. Auditors use them to define the nature of possible misstatements. The most common are:<\/p>\n<ul>\n<li>Existence \/ Occurrence: the asset\/revenue is real and actually happened<\/li>\n<li>Completeness: nothing important is missing<\/li>\n<li>Rights &#038; obligations: the entity truly owns\/owes it<\/li>\n<li>Valuation \/ Accuracy: amounts are measured correctly (estimates, provisions\u2026)<\/li>\n<li>Cut-off: recorded in the correct period<\/li>\n<li>Presentation &#038; disclosure: correctly described and disclosed<\/li>\n<\/ul>\n\n<p>This is a key step: a \u201crisk\u201d becomes actionable only when you connect it to one (or several) assertions.<\/p>\n\n<h3> From risk to procedures: the core workflow <\/h3>\n<p> A practical \u201crisk-based audit\u201d workflow looks like this:<\/p>\n<ul>\n<li>Firstly : Identify significant risks (business model, incentives, complexity, unusual transactions, estimates, prior year issues). <\/li>\n<li>Secondly : Map each risk to assertions (e.g. : revenue fraud risk \u2192 occurrence, cut-off). <\/li>\n<li>Thirdly : Choose the response: 1) Tests of controls (TOC) if relying on internal controls; 2) Substantive tests (analytical procedures + tests of details) <\/li>\n<li>Finally : Execute, document, conclude: evidence must be sufficient, appropriate, and consistent. <\/li>\n<\/ul>\n\n<h3> Concrete examples: what we do in practice<\/h3>\n<p>Example 1: Revenue recognition<\/p> \n<p>Typical risks : overstated revenue, early recognition, fictitious sales, side agreements. Key assertions : occurrence, cut-off, accuracy, presentation.<\/p>\n\n<p>Common procedures:<\/p>\n<ul>\n<li>Analytical review (trends, margins, monthly patterns) to spot anomalies<\/li>\n<li>Cut-off testing around year-end (invoices, delivery notes, contracts) <\/li>\n<li>Tests of details on samples (supporting documents, customer confirmations when relevant) <\/li>\n<li>Review of revenue recognition policy and contract terms (IFRS 15 logic, performance obligations) <\/li>\n<\/ul>\n<p>Example 2: Inventory (valuation and existence)<\/p>\n<p>Typical risks : obsolete stock, wrong costing, missing inventory, poor count controls. Key assertions : existence, valuation, completeness, rights.<\/p> \n<p>Common procedures:<\/p>\n<ul>\n<li>Attendance\/observation of physical inventory count<\/li>\n<li>Reconciliation count-to-ERP, and ERP-to-FS<\/li>\n<li>Price testing, cost build-up testing, NRV\/obsolescence analysis<\/li>\n<li>Movement testing and cut-off around receiving\/shipping<\/li>\n<\/ul>\n<p>Example 3: Provisions &#038; estimates (judgment-heavy)<\/p>\n<p>Provisions and estimates refer to amounts recorded in the accounts for obligations or future events that are uncertain but likely enough to require recognition, which means management must use judgment to estimate their value based on the best information available.<\/p> \n<p>Typical risks : management bias, under\/over provisioning, inconsistent assumptions. Key assertions: valuation, completeness, presentation.<\/p>\n<p>Common procedures:<\/p>\n<ul>\n<li>Understanding process + key assumptions and governance<\/li>\n<li>Back-testing prior-year estimates vs actual outcomes<\/li>\n<li>Sensitivity analysis on assumptions (rates, volumes, timelines) <\/li>\n<li>Lawyer letters \/ review of claims, contracts, contingencies<\/li>\n<\/ul>\n\n\n<h3> Conclusion <\/h3>\n\n<p> Risk-based audit is more than a buzzword: it\u2019s the method that turns financial statement complexity into a structured plan. By linking risks to specific assertions, auditors can design procedures that are both efficient and defensible, especially under time pressure and tight deadlines.<\/p>\n\n\n\n<h2>Why should I be interested in this post?<\/h2>\n\n<p> If you are interested in audit, accounting, corporate finance, or risk, understanding the risk-based approach is foundational. It explains how auditors prioritize, how they challenge information, and why audit work is ultimately about building confidence in financial reporting through evidence.<\/p>\n\n\n<h2>Related posts on the SimTrade blog<\/h2>\n\n<h3> Professional experiences <\/h3>\n\n<p>&nbsp;&nbsp;&nbsp;&#9654; <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/category\/professional-experiences\/\" target=\"_parent\">Posts about Professional experiences <\/a><\/p>\n\n<p>&nbsp;&nbsp;&nbsp;&#9654; Iris ORHAND <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/apprenticeship-experience-junior-financial-auditor-ey\/\" target=\"_parent\">My apprenticeship experience as a Junior Financial Auditor at EY<\/a><\/p>\n\n<p>&nbsp;&nbsp;&nbsp;&#9654; Iris ORHAND <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/apprenticeship-experience-executive-assistant-internal-audit-inspection-generale-bpifrance\/\" target=\"_parent\">My apprenticeship experience as an Executive Assistant in Internal Audit (Inspection G\u00e9n\u00e9rale) at Bpifrance <\/a><\/p>\n\n<p>&nbsp;&nbsp;&nbsp;&#9654; Annie Yeung <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/audit-summer-internship-experience-kpmg\/\" target=\"_parent\"> My Audit Summer Internship experience at KPMG<\/a><\/p>\n\n<p>&nbsp;&nbsp;&nbsp;&#9654; Mahe Ferret <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/internship-naos-internal-audit-control\/\" target=\"_parent\"> My internship at NAOS \u2013 Internal Audit and Control <\/a><\/p>\n\n\n\n<h2>Useful resources<\/h2>\n\n<p>Site economie.gouv <a href=\"https:\/\/www.economie.gouv.fr\/files\/fichesmethodologiques.pdf\" target=\"_blank\">M\u00e9thodologie de conduite d\u2019une mission d\u2019audit interne<\/a><\/p>\n\n<p>Site L-expert-comptable.com  (25\/02\/2025) <a href=\"https:\/\/www.l-expert-comptable.com\/a\/529542-la-methodologie-d-audit.html\" target=\"_blank\"> La m\u00e9thodologie d&#8217;audit : Les assertions<\/a><\/p>\n\n<p>Corcentric <a href=\"https:\/\/www.corcentric.com\/fr\/blog\/les-etapes-clefs-dun-processus-daudit-comptable-complet-etconforme\/\" target=\"_parent\"> Les \u00e9tapes clefs d\u2019un processus d\u2019audit comptable et financier<\/a><\/p>\n\n<p>Cabinet Narquin &#038; Associ\u00e9s <a href=\" https:\/\/www.cabinet-narquin.com\/blog\/les-methodes-daudit-utilisees-par-les-commissaires-aux-comptes\/\" target=\"_blank\">Les m\u00e9thodes d\u2019audit utilis\u00e9es par les commissaires aux comptes<\/a><\/p>\n\n\n<h2>About the author<\/h2>\n\n<p>The article was written in December 2025 by <a href=\"https:\/\/www.linkedin.com\/in\/iris-orhand-203b47217\/\" target=\"_blank\">Iris ORHAND<\/a> (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026).<\/p>\n\n<p>&nbsp;&nbsp;&nbsp;&#9654; Read all articles by <a href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/author\/iorhand\/\" target=\"_parent\">Iris ORHAND<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article, Iris ORHAND (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares a technical article about risk-based audit. Introduction Financial statements are not audited by \u201cchecking everything\u201d. In practice, auditors use a risk-based approach: they identify what could materially go wrong, link those risks to specific financial statement assertions, and then &#8230; <a title=\"Risk-based Audit : From Risks to Assertions to Audit Procedures\" class=\"read-more\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/risk-based-audit-from-risks-to-assertions-to-audit-procedures\/\" aria-label=\"Read more about Risk-based Audit : From Risks to Assertions to Audit Procedures\">Read more<\/a><\/p>\n","protected":false},"author":174,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,10],"tags":[62],"class_list":["post-17196","post","type-post","status-publish","format-standard","hentry","category-contributors","category-financial-techniques","tag-audit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Risk-based Audit : From Risks to Assertions to Audit Procedures - SimTrade blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/risk-based-audit-from-risks-to-assertions-to-audit-procedures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Risk-based Audit : From Risks to Assertions to Audit Procedures\" \/>\n<meta property=\"og:description\" content=\"In this article, Iris ORHAND (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2021-2026) shares a technical article about risk-based audit. 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