Read full paper at: http://www.scirp.org/journal/PaperInformation.aspx?PaperID=53029#.VLR_k8nQrzE Author(s) Esamaddin Khorwatt Affiliation(s) Faculty of Accountancy, University of Al-Jabal Al-Gharbi, Gherian, Libya . ABSTRACT In order to perform risk assessment, current auditing standards emphasize the importance of auditors gaining a broader understanding of an organization, as well as its environment. From this perspective, Schultz Jr. (2010) stated that auditing standards direct auditors to consider business risk and other risk factors when they evaluated the overall risk of material misstatement during the planning stage of an audit [1]. This paper reviews the developments in relevant professional and academic literature in terms of client’s business risk assessment. The model of the current study incorporates some 28 factors viewed as potential influence on client’s business risk and control risk assessment. Attention i...
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