Risikoorientierung in der Wirtschaftsprüfung

The major objective of this article is to explain the risk assessment process used in an audit. First, the author looks at the various risks which are considered in the risk assessment of the financial audit as well as the regulatory audit required by the FINMA. The article further provides a general understanding of applicable standards and the responses needed by the auditor as a result of the risks identified in these audits. Finally, the article highlights trends in the audit industry particularly in respect to the auditor’s reporting as well as new techno­logies such as data analytics. The author concludes that new technological advancements will lead to improved risk assessments as well as improved audit procedures that cover the identified risks. In addition, the new auditor’s reporting will make the auditors risk assessment more transparent which should ultimately lead to an audit which is more relevant for its stakeholders.