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Appendix
1
Students' Self-Rated Knowledge of Audit Planning and
Risk
Assessmenta
Students were asked to rate their knowledge of the following topics using a 7-point scale from 1 = minimal knowledge to 7 = high level of knowledge.
- Audit
planning process, including assessing risk and making
preliminary materiality judgments.
- Importance of
the auditor's understanding of the client's business and
industry.
- Auditor's
exercise of judgment in the conduct of the
audit.
- Need for
flexibility in the design and revision of the audit
strategy.
- Necessity for
the audit strategy to be responsive to inherent and
control risks.
- Interaction
of auditors with the client.
- Need for
professionalism in conducting an audit.
- Business
aspects auditing, requiring attention to audit risk and
the public interest.
- Perception of
auditing as an exciting and challenging
career.