To further enhance audit quality, the AICPA Auditing Standards Board has issued a set of eight Statements on Auditing Standards (SASs)—collectively referred to as the Risk Assessment Standards. These Standards are effective for audits of financial statements for periods beginning on or after December 15, 2006.

• View a summary of the Standards
• Read the Standards
• Read the AICPA Press Release on the issuance of the Standards
• Find CPE and Implementation guidance related to the Standards including:
  • Technical Practice Aid TIS 8100.01, "Determining the Effective Date of a New Statement on Auditing Standards for Audits of a Single Financial Statement" and TIS 8100.02 "Determining the Effective Date of a New Statement on Auditing Standards for Audits of Interim Periods"
  • Audit Risk Alert, Understanding the New Auditing Standards Related to Risk Assessment
  • Audit Guide, Assessing and Responding to Audit Risk in a Financial Statement Audit (available 12/31/2006)
  • CPE Self Study:
    • Auditor’s Risk Assessment Process: Tackling the New Risk Assessment SASs
    • Risk Assessment Standards - Understanding the Entity and Assessing Risk

Related Articles

• "Assessing and Responding to Risks in a Financial Statement Audit", Journal of Accountancy, July 2006
• "Assessing and Responding to Risks in a Financial Statement Audit: Part II", Journal of Accountancy, January 2007