Risk assessment models in performance audit

This paper analyses the most significant developments in the audit methodology based on the performance process risk. Such developments in the audit methodology, which are presented as a result of a new approach towards risk assessment or an outcome of the new paradigm. On the other hand, the risk factors related to the performance assessment are examined and analyzed as an inherent part of a performance audit. The article also deals with the general risk factors of economy, efficiency and effectiveness, introduces the performance audit efficiency model that identifies significant areas to be audited and possible research aspects. The range of problems as identified above presupposes the objective of the present article, which is to examine the dynamics of the evaluation of audit risk and identify the general performance audit risk evaluation factors. Specific tasks were prescribed for the purpose of attainment of the objective defined: to discuss the general characteristics of risks and performance audit risks; to establish the relevant performance evaluation models reflecting the essence of performance audit and risk evaluation directions; to investigate the general performance audit risk factors. Methods applied included logical analysis of research works of foreign and Lithuanian researchers, comparison, specification and generaliza- tion of information, conceptual modelling and generalization.