Industry-Specific Risk Assessment Aids
There’s no such thing as a one-size-fits-all approach to identifying, assessing and responding to risks of material misstatement, especially when you’re auditing clients in different industries. Each industry has its own considerations when it comes to risk assessment. For example, clinical coding may not be relevant when auditing a construction contractor, but it could be a major consideration when auditing a hospital.
Use these practice aids to help you identify risks of material misstatement in accordance with AU-C section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, when auditing clients in these specific industries.
For further information on auditing clients in each of these industries, we’ve also included links to the relevant Audit & Accounting Guides.
Airlines
Access the free risk assessment practice aid for auditing airlines.
Learn more from the Airlines Audit and Accounting Guide, available on the AICPA Store.
Construction Contractors
Access the free risk assessment practice aid for auditing construction contractors.
Learn more from the Construction Contractors Audit and Accounting Guide, available on the AICPA Store.
Employee Benefit Plans
Access free risk assessment practice aids for auditing defined contribution plans, defined benefit plans, health and welfare plans and ESOPs.
You can also review this audit advisory on performing risk assessments in employee benefit plan audits, which offers an update on recent AICPA Peer Review Board findings related to risk assessment.
Learn more from the Employee Benefit Plans Audit and Accounting Guide, available on the AICPA Store.
Gaming
Access the free risk assessment practice aid for auditing clients in the gaming industry.
Learn more from the Gaming Audit and Accounting Guide available on the AICPA Store.
Health Care Entities
Access the free risk assessment practice aid for health care entities.
Learn more from the Health Care Entities Audit and Accounting Guide, available on the AICPA Store.
Investment Companies
Access the free risk assessment practice aid for auditing investment companies.
Learn more from the Investment Companies Audit and Accounting Guide, available on the AICPA Store.
Life and Health Insurance
Access the free risk assessment practice aid for auditing life and health insurance entities.
Learn more from the Life and Health Insurance Entities Audit and Accounting Guide, available on the AICPA Store.
Oil and Gas
Access the free risk assessment practice aid for auditing entities with oil and gas producing activities.
Learn more from the Entities with Oil and Gas Producing Activities Audit and Accounting Guide, available on the AICPA Store.
