Risk Assessment and Internal Control
Published October 15, 2012
When planning your audits, it is critical to understand the complexities and requirements of the risk assessment process, including gathering the information needed to assess risk, evaluating that information, designing further audit procedures, and evaluating the results. AICPA publications provide practical information, guidance, practice aids, and illustrative examples for the application of the risk assessment standards including
- a plain-English overview of the risk assessment process.
- diagrams and examples to illustrate key points.
- a discussion of internal control and how it impacts your risk assessment.
- step-by-step guidance through the risk assessment procedure.
- a case study illustrating audit documentation developed in a risk assessment.
- helpful observations and practice tips throughout.
Available Publications
AICPA Audit Risk Assessment Tool and Guide
- The Audit Risk Assessment Tool walks an experienced auditor through the risk assessment procedures and documents those decisions necessary to prepare an effective and efficient audit program. Designed to be used in lieu of cumbersome checklists, it provides a top down, risk-based approach to the identification of high risk areas to allow for appropriate tailoring of audit programs that will result in audit efficiencies. The tool is available as an online subscription and includes access to the full Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit.
AICPA Audit Guide Assessing and Responding to Audit Risk In a Financial Statement Audit
- This AICPA Audit Guide has been fully conformed to reflect the new standards resulting from the Clarity Project. This year’s edition of the guide fully incorporates the clarified auditing standards into all guide content, so that auditors can further their understanding of the clarified auditing standards. The clarified auditing standards are effective for audits of financial statements for periods ending on or after December 15, 2012 (calendar year 2012 audits). Auditors should continue to use the 2009 edition of this guide until the clarified auditing standards become effective for the auditors’ engagements.
AICPA Audit Risk Alert Communicating Internal Control Related Matters in an Audit—Understanding SAS No. 115