The audit risk model is a cornerstone of modern auditing. It allows auditors to systematically evaluate the likelihood of errors or fraud and adjust their procedures accordingly. By understanding and applying this model, auditors can deliver higher-quality audits that provide confidence to investors, regulators, and business leaders alike.

Auditing is a vital practice whether in finance, IT, operations, or compliance, auditors rely on a clear understanding of terminology to guide their work. This Audit Glossary provides 100 key terms, each explained in detail, to help professionals, managers, and stakeholders navigate the auditing landscape.