Understanding the Clarified Auditing Standards - 2012 Audit Risk Alert

With the release of Statement on Auditing Standards (SASs) Nos. 122?125, the AICPA has developed this Audit Risk Alert to build awareness and to inform auditors of the changes and effects the clarified standards will have on audit practices and methodologies, including the changes that may affect the reports of certain audited financial statements.

AICPA Audit Risk Assessment Tool and Guide

Auditors continue to struggle with effective, efficient execution of the Risk Assessment Standards. This tool walks an experienced auditor through risk assessment procedures and documents those decisions necessary to prepare an effective, 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, allowing appropriate tailoring of audit programs and audit efficiencies. Includes the Risk Assessment Guide.