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Assessing and Responding to Audit Risk in a Financial Statement Audit: Audit Guide
Publication

Assessing and Responding to Audit Risk in a Financial Statement Audit: Audit Guide

This guide is the definitive source for guidance on applying the core principles of the risk-based audit methodology required for all financial statement audits.

$110 - $140
Do you have an AICPA membership? Log in to apply your member discount.

Format

Subscription

Availability

1 year

Key Topics
  • Overview of applying the audit risk standards
  • Key concepts underlying the auditor's risk assessment process
  • Planning and performing risk assessment procedures
  • Understanding the client, its environment and its internal control
  • Risk assessment and the design of further audit procedures
  • Performing further audit procedures
  • Evaluating audit findings, audit evidence and deficiencies in internal contro
Product Details

Bottom line: If you're conducting a financial statement audit, then these are the principles to follow

The Assessing and Responding to Audit Risk in a Financial Statement Audit guide covers the core principles of the risk-based audit methodology that must be used on all financial statement audits.

You'll find an easy-to-understand style that addresses the issues you encounter in the field. And no matter your experience level, you'll benefit from the unique insights, examples and a comprehensive case study that clarify critical concepts and requirements.

Bonus Audit Risk Assessment Tool for Online Subscriptions

The Audit Risk Assessment Tool is automatically included only when you select the Online Subscription format.

The tool explains the risk assessment procedures to experienced auditors, and documents those decisions necessary to prepare an effective and efficient audit program.

Use the tool in place of cumbersome checklists. It will guide you through a top-down risk-based approach to the identification of high-risk areas. That allows for appropriate tailoring of audit programs, resulting in audit efficiencies.

Disclaimer

This Audit Risk Assessment Tool is designed to provide illustrative information with respect to the subject matter covered and is recommended for use on audit engagements that are generally smaller and have less-complex auditing and accounting issues.

It is designed to help identify risks, including significant risks, and document the planned response to those risks. The Audit Risk Assessment Tool should be used as a supplement to a firm's existing planning module whether in a firm-based or commercially provided methodology.

The Audit Risk Assessment Tool is not a complete planning module.

The AICPA recommends that audit professionals with substantial accounting, auditing and specific industry experience and knowledge complete the Audit Risk Assessment Tool. For a firm to be successful in improving audit quality and efficiencies, it is recommended that a 5+ years experienced auditor completes the Audit Risk Assessment Tool or the engagement team member with the most knowledge of the industry and client (often Partner in small/medium firms) provides insight to whomever is completing the ARA Tool.

The AICPA recommends this should not be delegated to lower-level staff and just reviewed – it should be completed under the direction of the experienced auditor (if you delegate to inexperienced auditor, you will be at risk for less effectiveness and efficiencies because the tool is intended to be completed by an experienced auditor).

Testimonials

Here's what fellow CPAs are saying about the Audit Risk Assessment Tool.

"An elegant device that facilitates compliance with the standards." – W. Douglas Logan, CPA, P.C.

"I was able to complete the risk assessment process faster compared to {a checklist method} ... By identifying the significant areas/risks, we were able to focus on those areas and tailor the audit programs accordingly." – Sole practitioner

"This process condenses the risk assessment down to just what you need to perform the risk assessment. The steps to get to the audit program generation were reduced, and I think you end up with a better and more complete product at that point. I think it makes your planning process better." – Partner from CPA firm with 18 professionals

"I think time was the biggest efficiency {gained by using the Audit Risk Assessment Tool}. The support and guidance made the process of assessing risk quicker and clearer." – Audit senior manager from CPA firm with 88 professionals

"It would be beneficial to use this streamlined tool on a smaller entity where our current forms may be more inefficient." – Audit supervisor from CPA firm with 400 professionals

Who Will Benefit
  • Experienced auditors
Pricing
Do you have an AICPA membership? Log in to apply your member discount.
Nonmembers
$140.00
AICPA Members
$110.00

Looking for group pricing?

We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org

Contact us
More Details
Access
This is a digital product. You will have access to the content for 1 year after purchase date. It is set to automatically renew upon expiration, at the current price and your membership level. Your credit card details will be saved to your account and you will have the option to edit this auto renewal after purchase
Accessibility

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services. The Association is committed to making professional learning accessible to all. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. For accommodation requests, please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

Assessing and Responding to Audit Risk in a Financial Statement Audit: Audit Guide
Nonmember Price
$140.00
Price excluding sales tax
$140.00
Do you have an AICPA membership? 
Log in to apply your member discount.
Shipping cost and sales tax will be added later during checkout

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