Understanding the New Auditing Standards Related to Risk Assessment — Audit Risk Alert

Understanding the New Auditing Standards summarizes the eight risk assessment standards, highlights significant new requirements found in the standards, and helps you understand the many new requirements, like:

• Auditors are to gather a sufficient understanding of the client and its environment, including its internal control – to allow for the better development of a tailored audit approach.
• Auditors are to have an adequate basis of his or her audit approach, eliminating the "default" to a maximum control risk assessment.

This easy-to-read alert gives you the right amount of information you'll need to gain an understanding of the standards to begin incorporating the standards into your audit programs.