The aim of risk assessment in auditing standards is to improve the quantity and effectiveness of audits by substantially changing the audit practice” (Ramos, 2009). Statements on auditing standards nos. 104-111 provide increased rigor to the audit process in a number of key areas, including the assessments of inherent and control risks and the linking of these risk assessments to further audit procedures. After reading Ramos, M. (2009) and Lamoreaux, M.G. (2011) and watching the videos for Module 2, discuss the importance of inherent and control risk assessment prior to an audit