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.
“When it comes to spotting problems, you don’t want to miss the forest for the trees,” said Charles Landes, CPA, vice president of professional standards and services at the AICPA. “The Audit Risk Assessment Tool is an ideal way for smaller firm auditors to cut through complexity and work smarter.”
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