| Traditional risk-oriented audit [10] | Risk-oriented audit of public fiduciary responsibility |
Audit objectives | To confirm the fairness of the financial statements and to reduce the residual risk to an acceptable level | Reflecting the results of the fulfillment of the fiduciary duties of the Public Welfare Foundation |
Risk factors | Risk of material misstatement | Risk of material misstatement, and deviating from fiduciary responsibility |
Audit risk model | Audit Risk = Substantial Misjudgment Risk × Check Risk | Audit risk = (the risk of material misstatement + the risk of deviating from the fiduciary duty to fulfill) × check risk |
Audit object and focus | Focusing on risk management, control and governance processes | Mainly concern about the management system, business processes, project performance and other organizational internal risk factors |
Audit procedures | Integrated use of inspection, observation, inquiry, external confirmations, recalculation, re-execution and analysis | A variety of ways to obtain audit evidence from outside the audited foundation, such as observations, external confirmations, field research, etc. |
Audit path [11] | Afterwards-audit | Pay more attention to pre-audit and intermediate audit |