The new risk assessment standards are all about getting back to basics, said expert Hiriam Hasty while speaking at the New York State Society of CPAs' annual Accounting and Auditing in the Nonpublic Environment Conference.
Hasty, the technical manager of the American Institute of CPAs Audit and Attest Standards Team and the staff liaison to the Auditing Standards Board, urged the conference attendees to start taking a look at how the changes will affect their work sooner, rather than later. The risk assessment standards include the eight Statements on Auditing Standards numbering 104 to 111 and will take effect for audits of the 2007 fiscal year.
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