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ИД «Финансы и кредит»






International Accounting

Shaping an audit strategy based on mapping and spectral risk analysis

Vol. 24, Iss. 11, NOVEMBER 2021

Received: 12 August 2021

Received in revised form: 28 September 2021

Accepted: 25 October 2021

Available online: 15 November 2021

Subject Heading: AUDIT ACTIVITY

JEL Classification: M41, M42

Pages: 1276–1309


Aleksei V. PETUKH Kuban State Agrarian University named after I.T. Trubilin (Kuban SAU), Krasnodar, Russian Federation


Ol'ga I. SHVYREVA Kuban State Agrarian University named after I.T. Trubilin (Kuban SAU), Krasnodar, Russian Federation


Subject. This article deals with the practice of forming an audit strategy in conditions of uncertainty of parameterization of probability and significance of risks of material misstatement of financial statements.
Objectives. The article aims to substantiate a risk-based audit strategy construction using the risk heat map tool and determining the necessary and sufficient actions of the auditor in response to the assessed risks.
Methods. For the study, we used a content analysis, systematization, classification, and the abstract-logical and data visualization graphical methods.
Results. Based on the content analysis of the revised ISAs that regulate audit risk, the article clarifies the aspects of risk identification, assessment, and fixing, the parameters of positioning and visualization of risk factors depending on their likelihood and significance. The article introduces a scenario mechanism for sufficient appropriate actions of the auditor in response to specific risk factor characteristics. It develops and presents a method of spectral analysis of a complex of assessed risk factors of material misstatement of reporting in order to build up an audit strategy.
Conclusions and Relevance. The developed models of the audit risk heat map and the generalized map of the spectral risk analysis are the most rational tools for the formation of a scientifically based audit strategy with emphasis on the high-risk areas. The results of this article can be used in the practical activities of auditors and audit organizations, as well as internal auditors seeking to plan control measures using digital methods most effectively.

Keywords: audit strategy, material misstatement risk, risk assessment, risk map, react to assessed risks


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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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Vol. 24, Iss. 11
November 2021