Keeping Up With Accounting and Auditing Issues

    SAS Nos. 104-111 Risk Assessment Standards Toolkit 

    SAS Nos. 104-111 are effective for audits of financial statements for periods beginning on or after December 15, 2006 through December 15, 2012. For audits of financial statements for periods ending on or after December 15, 2012, the Clarified Auditing Standards supersede SAS 104-111. See the Clarified Auditing Standards Toolkit for information on the new guidance. Note that early adoption of the Clarified Standards is not permitted. This toolkit will give you an overview of the standards and provide you with tools to assist you in educating and communicating the impact of the risk assessment standards with your clients.

     

    Risk Assessment Standards Toolkit

    The tools included in the PCPS SAS Nos. 104-111 Toolkit are exclusively PCPS member benefits except the Frequently Asked Questions document, which is available to the general public. While these tools and resources were developed to support you in the implementation and communication of SAS Nos. 104-111 in your firm and with your clients, they are not meant to replace the guidance and direction outlined in the SASs themselves and in the Risk Alert on SAS Nos. 104-111. Please refer to the SAS Nos. 104-111 and Risk Alert for the actual detailed guidelines and requirements for implementing the risk assessment standards in your audit practice.

     

    This toolkit includes:

    • Frequently Asked Questions – The FAQs document is intended to address the most common general practitioner questions related to applying SAS Nos. 104-111. In addition, it provides links to additional resources that may help you in understanding and applying these SASs.

    • SAS Nos. 104-111 Overview – This document provides an overview of the risk assessment standards and the key points you need to consider when incorporating them into your audit engagements.

    • SAS Nos. 104-111 Glossary – The glossary includes key terms that are important to understand when applying the risk assessment standards and is a complementary piece to the SAS Nos. 104-111 Overview of the Standards.

    • SAS Nos. 104-111 Client Communication Letter – This template document is designed for practitioners to communicate the impact of SAS Nos. 104-111 directly to each client.

    • SAS Nos. 104-111 Talking Points Document This document is meant to assist practitioners in addressing common questions clients may have related to SAS Nos. 104-111 and what the new standards mean to their audit engagement. You may choose to use it in preparing to have a conversation with your clients about the risk assessment standards anytime before or during the audit.

    • NEW! The Risk Assessment Auditing Standards: How to Efficiently and Effectively Comply on Smaller and Less Complex Audit Engagements - This whitepaper attempts to simplify the practitioner’s understanding of the risk assessment standards and process by focusing on the end game and how that objective can be achieved in an effective, yet efficient, manner.

     

    Products and Self-Study

    NEW!
    AICPA Audit Risk Assessment Tool and Guide - This tool is designed to help auditors work smarter and get to the important decisions regarding significant risks by taking a top down approach.

    Assessing and Responding to Audit Risk in a Financial Statement Audit


    Applying the Risk Assessment Standard Using a Case Study Approach

    For questions on the use of these tools, or to share your ideas for enhancing their value in your efforts, please contact us at 1-800-CPAFIRM or email us.

     

     

     

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