KRiskSM: A Computerized Decision Aid for Client Acceptance and Continuance Risk Assessments

Timothy B. Bell · Jean C. Bedard · Karla M. Johnstone

123 citations0/0 files storedAuditing A Journal of Practice & Theory

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Auditing, Earnings Management, Governance Accounting and Organizational Management Decision Support System Applications

Abstract

This paper describes the development and implementation of KRisk, an innovative technology-enabled auditor decision aid for making client acceptance and continuance risk assessments. KRisk, developed and designed by KPMG LLP, is part of the firm's audit quality control and risk management processes. In this paper, we discuss the environmental and technological forces that affect auditor business risk management. We also describe important aspects of the development, functionality, and implementation of KRisk. We discuss possible impediments to realizing the full potential of decision aids that have been reported in prior auditing research, and describe how KRisk and related audit quality control procedures implemented at KPMG were designed to overcome such impediments. Also, we present some ideas for scholarly research dealing with auditor business risk management issues, and issues related to the design and use of decision aids in general.

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1974Linear models in decision making.2001Auditors' Perceived Business Risk and Audit Fees: Analysis and Evidence 1971A case study of graduate admissions: Application of three principles of human decision making.1990Database Models and Managerial Intuition: 50% Model + 50% Manager 1990The market for audit services 1994Auditor Litigation and Modified Reporting on Bankrupt Clients 2019Consideration of Fraud in a Financial Statement Audit 2000Client-Acceptance Decisions: Simultaneous Effects of Client Business Risk, Audit Risk, Auditor Business Risk, and Risk Adaptation

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