Industry-Specific Risk Assessment Aids
There’s no such thing as a one-size-fits-all approach to identifying, assessing and responding to risks of material misstatement, especially when you’re auditing clients in different industries. Each industry has its own considerations when it comes to risk assessment. For example, clinical coding may not be relevant when auditing a construction contractor, but it could be a major consideration when auditing a hospital.
Use these practice aids to help you identify risks of material misstatement in accordance with AU-C section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, when auditing clients in these specific industries.
For further information on auditing clients in each of these industries, we’ve also included links to the relevant Audit & Accounting Guides.
Learn more from the Construction Contractors Audit and Accounting Guide, available on the AICPA Store.
Employee Benefit Plans
You can also review this audit advisory on performing risk assessments in employee benefit plan audits, which offers an update on recent AICPA Peer Review Board findings related to risk assessment.
Learn more from the Employee Benefit Plans Audit and Accounting Guide, available on the AICPA Store.
Life and Health Insurance
Learn more from the Life and Health Insurance Entities Audit and Accounting Guide, available on the AICPA Store.
Oil and Gas
Learn more from the Entities with Oil and Gas Producing Activities Audit and Accounting Guide, available on the AICPA Store.