Audit activities involve various risks that impact an auditor's judgment. The goal is to analyze these risks and methods for assessing them when planning financial audits. Factors affecting audit risk levels are outlined, with the main task of an auditor being highlighted. The audit risk components (inherent, control, detection) are defined, along with an algorithm for assessing audit risk based on a factor model. The stronger the internal control system of an audited entity, the less detailed tests are needed. Conversely, weaker evidence from internal control assessments requires a more comprehensive audit to minimize risk.