AICPA Risk Assessment Resources

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Identifying, assessing and responding to risks of material misstatement are at the core of every audit. However, data collected by the AICPA Peer Review Program in 2016 show that more than 1 in 10 firms failed to comply with AU-C Section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, or AU-C Section 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained.

The resources below will help you perform more effective risk assessments, appropriately link your risk assessments to your audit procedures and comply with the standards.