AICPA Risk Assessment Resources
Identifying, assessing and responding to risks of material misstatement are at the core of every audit. However, a recent survey of peer reviewers found over half of 400 audits they reviewed did not comply with the risk assessment standards. Follow the advice in this risk assessment infographic to avoid common missteps.
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.
This comprehensive template will help you identify, assess and document your planned response to risks of material misstatement and make your audit more effective and more efficient.
Risk Assessment Deep Dive: How to Avoid Common Missteps
This self-study CPE course walks through the most pervasive issues the Peer Review team has uncovered and how to avoid them in your practice. A webcast covering similar content will be rebroadcasted throughout 2019.
This tool will help you identify non-compliance with AU-C 315 and AU-C 330 during your firm's internal inspection. The aid also provides guidance on how those findings should be addressed.
Get answers to the most common AU-C 315 and 330 questions received by the Center for Plain English Accounting (CPEA). The CPEA’s team of experts helps member firms understand and implement standards by sharing technical advice in a straightforward manner.
Industry-Specific Risk Assessment Aids
These practice aids will help you identify risks of material misstatement in accordance with AU-C section 315 when auditing clients in specific industries such as gaming, health care and more.
Staff Training Workshop Presentation (PPT)
Use this PowerPoint presentation with speaker notes and this staff training case study to educate your firm on proper risk assessment and response as well as common misconceptions to avoid.
Other Resources
- Webcast: Methodology Providers Address Common Missteps (Sept. 5, 2019, and Oct. 1, 2019) - Representatives from PPC, CCH and RSM discuss how to properly apply their audit methodologies while avoiding common risk assessment issues.
- Risk assessment podcast episode - In this episode of the Small Firm Philosophy podcast, Carl Mayes, CPA, and Lindsay Patterson discuss the role of risk assessment in audit quality, share advice for small firms and point out helpful resources.
- Employee benefit plans
- Audit Advisory: Performing risk assessments in EBP audits - This advisory offers an update on recent AICPA Peer Review Board findings related to risk assessment and can help you properly apply risk assessment standards in employee benefit plan audits.
- Common risks by industry - We’ve developed resources to help you identify risks when auditing defined contribution plans, defined benefit plans, health and welfare plans and ESOPs. More industry-specific guidance is under development and will be posted soon.
- Quiz: How well do you know the risk assessment standard? Journal of Accountancy, June 2019
- 4 tips to identify audit client risks, AICPA Insights, November 2018
- Why assess audit risk? So you don’t get lost in the woods, AICPA Insights, August 2018
- Taking the risk out of risk assessment, Journal of Accountancy, August 2018
- Quiz: Is your audit addressing your client’s risks? Journal of Accountancy, May 2018
- Audit guide - The definitive source for guidance on applying the core principles of the risk-based audit methodology required for all financial statement audits.
- Microlearning sessions - These short videos share best practices that you can apply to your audit engagements. Use the knowledge you learn to identify, assess and respond to risks of material misstatement.
