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.