Summary: Aspects of identification of factors that affect risk of the audit of financial information and its elements are researched in the article. We identified the following groups of factors: the circumstances which are determined by the content and nature of the financial information that have to be investigated by the auditor; circumstances which are determined by the behavior the persons responsible for the formation of the information provided for the auditor verification; circumstances which are determined by the measures carried out by the auditor during the execution of relevant tasks. It is determined that the identification by users of financial information the content of information and its sources (reports, forecasts, etc.) leads to unjustified disregard for the impact of the formation of the forms on the performance characteristics of data included in them, and risks related with such impact. As a result, users of financial information may reach false conclusions about the possibilities of its application in the context of achieving the goals. During the evaluation of the audit risk it is necessary to take account a number of characteristics of the behavior of people who are responsible in the process of formation of the financial information.
The results of the research provide grounds to conclude that the need to identify the factors that affect the risk of audit of financial information. Determination of the factors that are defined by the content and nature of financial information, by the behavior of responsible persons during its formation and by activities performed by the auditor gives an opportunity to take into account the best possible list of circumstances that directly or indirectly may affect the possibility and expression by auditor inadequate results of its work.
Key words: audit risk, financial information, the conduct of responsible persons, professional judgment, audit procedures, the audit process.
