The American Institute of CPAs has developed an online Audit Risk Assessment Tool to focus in on the potential risk of material misstatements in a financial statement audit due to fraud or error. 

The Audit Risk Assessment Tool allows auditors to walk through risk assessment standards and document decisions necessary for a well-designed audit program, and also offers step-by-step guidance.  A subscription to the online tool comes with access to the AICPA guide: Assessing and Responding to Audit Risk in a Financial Statement Audit.

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