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© 2008 Prentice Hall Business Publishing     Accounting Information Systems, 11/e    Romney/Steinbart

42 of 151

THE NATURE OF AUDITING

The risk-based audit approach

A risk-based audit approach is a four-step approach to internal control evaluation that provides a logical framework for carrying out an audit. Steps are:

Determine the threats (errors and irregularities) facing the AIS.

Identify control procedures implemented to minimize each threat by preventing or detecting such errors and irregularities.

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