Research On Modern Risk-oriented Auditing Of High-tech Enterprises

Since the implementation of the new auditing standards in 2012,modern risk-oriented auditing has been widely used in auditing practice by firms.Modern risk-oriented audit method has considerable advantages in reducing audit risk effectively.Using modern risk-oriented auditing methods,CPAs can identify and evaluate the potential major misstatement risks in financial statements,allocate audit resources according to the results of risk assessment,and implement response procedures,which can improve the overall efficiency of audit work.However,in the actual audit work,there are still many problems in the application of modern risk-oriented audit in the firms due to the differences of audit projects and auditors' professionalism.How to better promote its application in auditing practice is a problem that the theoretical and practical circles need to pay close attention to all the time.In the critical period of economic restructuring in China,high-tech enterprises have played a key role,and the state and local governments have given strong support to high-tech enterprises.In 2016,the state revised the "Measures for the Recognition and Management of High-tech Enterprises" to reduce the standards for the recognition of high-tech enterprises.It is expected that the scale and quantity of high-tech enterprises will continue to grow in the next few years.At the same time,auditing business of high-tech firms will become more and more.Owing to the relatively high risk of the enterprise's own operation and the relatively professional business content,auditors often face higher audit risk in the process of auditing high-tech enterprises.Research firms' application of modern risk-oriented audit in high-tech enterprises can help firms improve the audit work of high-tech enterprises and improve the audit quality.Based on the theory of modern risk-oriented audit,this paper analyses the shortcomings of S firm in the process of implementing modern risk-oriented audit in WJ Company,a high-tech enterprise,and puts forward effective countermeasures and improvement measures.In particular,it introduces the specific content of riskassessment by using the method of entropy weight.By quantifying the relevant factors of major misstatement risk,it can effectively reduce the workload of auditors' risk assessment procedures,and reduce the impact of auditors' subjective factors on the results of risk assessment.At the same time,according to the results of risk assessment,this paper puts forward some supplements and improvements on the substantive procedures of audit projects of WJ Company of S Firm.In order to improve the business ability of S firm to implement modern risk-oriented audit for WJ company,reduce audit risk effectively,and provide reference for the audit work of high-tech enterprises and related audit projects in the future.