Auditor's Risk Assessment Process: Tackling the New Risk Assessment SASs

These SASs (SAS Nos 104 through 111) will substantially impact the way audits are performed. They represent a major shift in the auditor’s risk assessment process for audits of nonpublic entities. The requirements and guidance will result in more effective audits by enhancing the auditor’s application of the audit risk model in practice. Learn the requirements that significantly enhance the quality and depth of the understanding of the entity and its environment, including its internal control system. Gain an understanding of how the new standards differ from existing standards and what you will have to do differently from planning through final field work phases. Learn what procedures are now required to respond to assessed risks.

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