|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.