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

Learn how the documentation standards in SAS No. 103 and the required communication of internal control related matters in SAS No. 115 fit into the typical audit process.

• Recognize how the risk assessment standards differ from previous standards and how these differences will significantly affect your audit practice
• Develop a more in-depth understanding of the entity and its environment, including its system of internal control
• Identify the risks of material misstatement in the financial statements and what the entity is doing to mitigate them
• Provide a more rigorous assessment of the risks of material misstatement
• Improve the linkage between the assessed risks and the nature, timing and extent of audit procedures performed in response to those risks

Prerequisite: Basic understanding of accounting and auditing principles