Spotlight on Risk Assessment

In 2019, the AICPA declared risk assessment an area of focus, even though the risk assessment suite of standards was issued nearly 14 years ago (that’s over a decade!). The changes were sweeping to the requirements when performing an audit. Typically, there is a one to two year ramp‑up period when adopting a new standard to determine how to properly implement changes in an effective and efficient manner. However, a recent survey of peer reviewers found over half of 400 audits they reviewed didn’t comply with the risk assessment standards.

So why do we still have more than a 50% deficiency rate? Many believe the issue comes down to misinformation about the proper application of AU‑C 315 and AU‑C 330. An analysis of the most common audit deficiencies supports this theory.

In this white paper, Melisa Galasso, Founder and CEO Galasso Learning Solutions LLC and a AICPA Technical Issues Committee member examines the fundamental flaws in some audit processes and their subsequent remedies.

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Spotlight on Risk Assessment

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