The Specific Application on Importance Level Analysis in the Risk-Based Audit

It is an important task in the current auditing occupational field to strengthen the management of the audit risk. The principle of importance is an effective audit tool which can be used to measure and control risk in the process of audit. Different accounting information users, different companies, different environments and different judge standards make it is unrealistic to establish the common importance standards that can be accepted by all accounting information users. Based on audit practice, the paper analysis the application on importance level in the risk audit, explores specific applications of importance level in the audit planning phase, implementation phase and evaluation audit results.