Since the implementation of the risk-based audit standards for 2007 fiscal year audits, auditors of private entities have struggled to create an efficient and effective audit strategy, and, in many cases, have had to make significant changes to their overall audit approach. This program will review the requirements of risk-based auditing using the redrafted audit standards issued by the Auditing Standards Board in 2011, address best practices when conducting planning and risk assessment procedures, describe audit testing strategies, and illustrate documentation examples that comply with the risk assessment standards.