Tips for small firms on proper audit risk assessment | Small firm philosophy
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Tips for small firms on proper audit risk assessment | Small firm philosophy

3 years ago · 19 min listen

Risk assessment is the foundation of the audit. The goals of identifying, assessing, and responding to risks of material misstatement drive every audit procedure. This episode explores common risk assessment missteps and how to avoid them.

You’ll learn about:

  • The importance of controls and the differences in interpretations of controls relevant to the audit.

  • Examples of preventative controls and detective controls.

  • What qualifies as a “significant risk.”

For more on this topic, read Mayes’ Journal of Accountancy article “Taking the risk out of risk assessment” or explore AICPA Risk Assessment Resources.

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