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AICPA Audit Guides are developed and updated with the assistance of industry experts to provide guidance and discussions about specific auditing topics. The Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit provides practical information, guidance, practice aids, and illustrative examples for the application of the risk assessment standards including:
Updated as of March 1, 2012, the guide includes relevant guidance contained in applicable standards and other technical sources. This guide provides authoritative and comprehensive guidance on the risk-based audit process that is required on all financial statement audits. The core principles of this audit methodology include:
The guide has been updated to reflect the issuance of the Clarity SAS No. 122, Statements on Auditing Standards: Clarification and Recodification. All content is reviewed by subject matter experts and the appropriate AICPA senior committee(s). A subject index has been added to the Guide for ease of use.