Insights on risk assessment in performance audit.
This paper analyses the most significant developments in the audit methodology since 1990 that are related to the transition from the audit methodology based on the risk of financial statements to the methodology based on the performance process risk. Such developments in the audit methodology are presented as a result of a new approach towards risk assessment or an outcome of the new paradigm. On the other hand, the risk factors related to the performance assessment are examined and analysed as an inherent part of a performance audit. The article also deals with the general risk factors of economy, efficiency and effectiveness, introduces the performance audit efficiency model that identifies significant areas to be audited and possible research aspects.
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