AICPA Risk Assessment Resources
Identifying, assessing and responding to risks of material misstatement are at the core of every audit. However, a 2017 survey of peer reviewers found over half of 400 audits they reviewed did not comply with the risk assessment standards. Follow the advice in this risk assessment infographic to avoid common missteps.
The resources below will help you perform more effective risk assessments, appropriately link your risk assessments to your audit procedures and comply with the standards.
This comprehensive template will help you identify, assess and document your planned response to risks of material misstatement and make your audit more effective and more efficient.
This tool will help you identify non-compliance with AU-C 315 and AU-C 330 during your firm's internal inspection. The aid also provides guidance on how those findings should be addressed.
These practice aids will help you identify risks of material misstatement in accordance with AU-C section 315 when auditing clients in specific industries such as gaming, health care and more.
- Quiz: How well do you know the risk assessment standard? Journal of Accountancy, June 2019
- 4 tips to identify audit client risks, AICPA Insights, November 2018
- Taking the risk out of risk assessment, Journal of Accountancy, August 2018
- Quiz: Is your audit addressing your client’s risks? Journal of Accountancy, May 2018
- Audit guide - The definitive source for guidance on applying the core principles of the risk-based audit methodology required for all financial statement audits.
- Microlearning sessions - These short videos share best practices that you can apply to your audit engagements. Use the knowledge you learn to identify, assess and respond to risks of material misstatement.