Audit Standards Update: Clarifying Risk Assessment
Recognize the impact of AICPA's Clarity Project for audits. Determine how this affects your practice and identify the additional procedural changes requiring firm implementation.
With peer review results in and more than a few years' worth of experience under the profession's collective belt, it's time to fine-tune implementation of the risk assessment standards. These standards, designed to eliminate the connect-the-dots methodology of checklist auditing and add critical thinking back into the audit process, remain a problem area for many firms. The result? Engagement and peer review deficiencies.
This course has been updated for the AICPA Clarity Standards that expanded the risk assessment methodology to new additional audit areas. Break down this complex and misunderstood subject with an easy-to-understand approach.
- Assessing the risk of material misstatement.
- Mandatory risk assessment procedures.
- Evaluating internal controls.
- Responding to risk assessment with appropriate audit procedures.
- Complying with revised and expanded documentation requirements.
- Understand the audit risk model.
- Determine how the standards affect your audit practice.
- Identify additional procedural changes requiring firm implementation.
- Determine an implementation plan and the procedural and documentation requirements embodied in these standards.
- Recognize the impact of enacted changes resulting from the AICPA Clarity Project.
Auditors and industry CPAs.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.