Financial statement audits are increasingly considering general risks.
Financial statement auditors seek to understand all significant aspects of business risk facing an organization and how those risks are managed, so as to develop the most effective approach to gain assurance about the reliability of management information and hence of reported information. Business risk can be defined as any probability that the organization will not achieve its business objectives. Accordingly, as sustainability becomes more important to the objectives of a business and hence to its risk management and control processes and in the light of sharply rising energy and material prices, top management and financial statement auditors are increasingly interested as well.