#7 Risk-based vs Control-based audit approach

The collapse of enron had not only posted auditors' works under the spot light , but also increased the work load of the auditors. Auditors are struggling hard to gain market confidence on their works, follwing the demise of Enron, HIH ...

There are emerging trend that the audit firm starts to move away from risk-based audit approach, and switching towards control-based approach. This has made the works more cumbersome & more tedious.