Are you starting your audit off on the right foot—or setting yourself up to do more work than necessary?
Failure to comply with AU-C 315 and 330 is one of the most common audit deficiencies noted in Peer Review. Risk assessment drives your entire audit, so it’s crucial to get it right. Not only is proper assessment and response to risk required by professional standards, but not taking a risk-based approach often leads to over-auditing. The AICPA Peer Review Program found a few common misconceptions leading to non-conformity with the standards, which will be shared in this session so you can circumvent them in your own practice.
In this session, Carl R. Mayes Jr., CPA, Senior Manager, Special Projects — Public Accounting at the AICPA, will discuss:
• What the risk assessment and response standards require
• Common misconceptions about risk assessment and response and how to avoid them in your practice