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.
The following products are available from the AICPA to help provide guidance and resources for risk assessment and internal control.
- Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit and Audit Risk Assessment Tool
- Assessing and Responding to Audit Risk: International Auditing Standards
- Internal Control for Today's Smart Business
AICPA Online Professional Library
When you subscribe to any one of the many subscription options on AICPA Online Professional Library, you're not only getting access to the most up-to-date guidance and tools, you are also linked to all of the relevant and related literature, including the FASB and GASB libraries.
Many publications and libraries may be of value to those interested in guidance related to risk assessment and internal control:
- AICPA Audit and Accounting Manual
- AICPA Audit Risk Assessment Tool and Guide
- AICPA Practice Tool The Auditor's Report: Comprehensive Guidance and Examples
- AICPA Professional Standards
- AICPA Technical Questions and Answers
- U.S. GAAP Financial Statements—Best Practices in Presentation and Disclosure
- Audit and Accounting Guide Set with FASB Accounting Standards Codification
- Essential A&A Research Collection
- Premium A&A Research Collection