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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 September 1, 2014, this resource provides 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 include practice consideration for auditors of entities using COSO’s 2013 updated Internal Control – Integrated Framework.