Research On Audit Risk Of New Retail Enterprises

New retail is a data-driven pan-retail model centered on consumer experience.This concept was first put forward by Ma Yun at the Yunqi Conference in 2016,and then developed into a popular choice for the transformation of the retail industry,and the audit demand of new retail enterprises also increased.Compared with traditional retail,the operating environment of new retail enterprises is increasingly complex,and the audit environment,audit scope and focus of enterprises have changed.These factors have brought difficulties to the audit work.At this time,it is difficult for auditors to control the risk characteristics of new retail enterprises by using traditional audit methods and technologies.Therefore,in view of the characteristics of new retail,it is necessary to study the audit risk of new retail enterprises and help auditors to audit new retail enterprises.Taking BESTORE as an example,this paper uses modern risk-oriented audit theory to analyze the causes and key risk points of its audit risk under the new retail model.The study found that the audit risk of BESTORE is higher under the new retail model,which is mainly reflected in the following aspects: firstly,the higher operational risk and internal control risk will easily lead to significant misstatement risk at the level of financial statements;Revenue recognition risk and inventory management risk will also cause significant misstatement risk at the identified level;In terms of risk response,accounting firms also have the shortage of compound talents,lack of applicable audit software and audit technology.Therefore,the identification,evaluation and response of audit risks of new retail enterprises need to design more reasonable and effective audit procedures to avoid audit failure.Audit risk exists in every enterprise.Although it is impossible to reduce it to zero,auditors can reduce audit risk to an acceptable low level by designing and implementing effective audit procedures to avoid audit failure.According to the characteristics of new retail and the causes of audit risks in good shops,this paper puts forward risk response measures from two aspects: major misstatement risks and inspection risks.The response measures for major misstatement risks are as follows: auditors pay attention to risk assessment and analysis in the audit process,pay attention to the authenticity and accuracy of revenue recognition,and add related party transactions and their rationality.According to the risk of inspection,the risk response measures are as follows: improving the comprehensive quality of auditors,optimizing audit software and audit methods,and strengthening the quality control of accounting firms.