Audit Guide

Assessing & Responding To Audit Risk In a Financial Statement Audit

AICPA author

Format:Paperback

Publisher:John Wiley & Sons Inc

Published:9th Dec '16

Currently unavailable, and unfortunately no date known when it will be back

Audit Guide cover

Want to ensure effective and efficient execution of the Risk Assessment Standards? AICPA has the resources you need:

  • Audit Risk Assessment Tool (available online only)
  • Assessing and Responding to Audit Risk in a Financial Statement Audit – AICPA Audit Guide

The Audit Risk Assessment Tool walks an experienced auditor through the risk assessment procedures and documents those decisions necessary to prepare an effective and efficient audit program. Designed to be used in lieu of cumbersome checklists, it provides a top down risk–based approach to the identification of high risk areas to allow for appropriate tailoring of audit programs which will result in audit efficiencies. The tool is available in the Online Subscription format and includes access to the full Risk Assessment Guide.

The AICPA Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit is the definitive source for guidance on applying the core principles of the risk–based audit methodology that must be used on all financial statement audits. This guide is written in an easy–to–understand style that enables auditors of all experience levels to find answers to the issues they encounter in the field. Unique insights, examples and a comprehensive case study clarify critical concepts and requirements.

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 in size 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 the Audit Risk Assessment Tool be completed by audit professionals with substantial accounting, auditing and specific industry experience and knowledge. 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...

ISBN: 9781941651339

Dimensions: 228mm x 152mm x 41mm

Weight: 688g

576 pages