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72:. A risk-based approach will seek to identify risks with the greatest potential impact. Strategic risk analysis will then include political and social risks such as the potential effect of legislation and demographic change.
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required directors to provide a statement to shareholders of the significant risks to the business. This then encouraged the audit activity of studying these risks rather than just checking compliance with existing controls.
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An experiment suggested that managers might respond to risk-based auditing by transferring activity to accounts which are ostensibly low risk. Auditors would need to anticipate such attempts to game the process.
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Eilifsen, Aasmund; Knechel, W. Robert; Wallage, Philip (2001), "Application of the
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