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Risk assessment matters explained
Written on Oct 11, 2018
“Data gathered from 2016 AICPA Peer Review Matters for Further Consideration show that more than 1 in 10 audits reviewed failed to comply with AU-C section 315,” writes Laura Hay, CPA, CAE in the September/October issue of CPA Voice.
Hay writes that OSCPA’s technical reviewers are skeptical that 1 in 10 practitioners do not understand how to conduct a risk assessment in the audit. Instead, they believe the violations are most frequently a matter of practical implementation and documentation, for which reviewers can be helpful in providing guidance in application.
Read the full story online now to identify risks of material misstatement, understand proper documentation procedures and more.
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