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Risk assessment matters explained

Written on May 1, 2020

“Data gathered from 2016 AICPA Peer Review Matters for Further Consideration show that more than 1 in 10 audits reviewed failed to comply with AU-C section 315,” writes Laura Hay, CPA, CAE in the September/October issue of CPA Voice.

Hay writes that OSCPA’s technical reviewers are skeptical that 1 in 10 practitioners do not understand how to conduct a risk assessment in the audit. Instead, they believe the violations are most frequently a matter of practical implementation and documentation, for which reviewers can be helpful in providing guidance in application.

Read the full story online now to identify risks of material misstatement, understand proper documentation procedures and more.Voice_SeptOct_18

Don’t miss this convenient, self-study CPE

Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue.

Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge.

Best of all, you can take the exam when and where it’s convenient for you, either online or by mail. Exams remain available online – and may be completed for CPE – through the same month of the following year.

September/October 2018 exam