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The AICPA’s Enhancing Audit Quality Initiative identified the auditor’s risk assessment as an area of focus in 2019, in part, because deficiencies in the process of obtaining the required understanding of internal control is a common audit issue identified by practice monitoring programs worldwide. During this session, we will address the more significant changes in Proposed Statement on Auditing Standards, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, with a focus on key risk assessment concepts and challenges, particularly understanding the entity’s system of internal control and determining risks of material misstatement, including significant risks.
Learning Objectives:
Assess key risk assessment concepts or challenges to help prevent inspection findings.
Interpret more significant changes included in the exposure of the proposed revisions to AU-C 315.