NOT2128. Work the Core - Don't Fail in Assessing Risk

Partners, are you starting your audit off properly? Most practitioners answer, "yes." However, more than a decade after the risk assessment standards were issued, the AICPA Peer Review team found that more than half of all firms fail to comply with AU-C Section 315 or 330. At the core of every audit are the goals of identifying, assessing, and responding to risks of material misstatement. Ensure your audits comply with risk assessment standards. The discussion will include misconceptions commonly held by senior-level practitioners and how to avoid these common areas of non-compliance.

Learning Objectives:

• Identify the most common challenges auditors encounter with respect to AU-C Sections 315 and 330
• Recall the intent of the standards and how the requirements should be interpreted
• Recognize practical application of the standards in audits of small- to medium-sized entities
• Identify and access helpful resources to support quality performance