What is the difference between modern risk and previous audit risk

Comparison of auditing methods (a) Traditional risk-based auditing methods Traditional risk-based auditing is mainly transaction-based, from the perspective of the transaction to determine whether there is a material misstatement, the guiding ideology is a "bottom-up" thinking, the allocation of audit resources is often all-encompassing, and difficult to highlight the key points, which results in a waste of audit resources. Waste of audit resources. Under the traditional risk-oriented audit model, the auditor still adopts the basic methodology of system-based auditing, only that the quantitative assessment of risks is added on the basis of the original methodology, and the analytical method is still based on substantive testing. The basic procedures of an audit under the traditional risk-oriented audit model can be summarized as follows: assessment of inherent risks - understanding of the internal control structure of the audited entity - preliminary assessment of control risks - control testing (optional) - comprehensive assessment of control risks -Determination of inspection risks. In practice, auditors often ignore the accurate assessment of inherent risk and mechanically determine it to be a high level, thus focusing the risk assessment on control risk.