Recognize the impact of AICPA’s Clarity Project for audits. Determine the impact on your practice. Identify additional procedural changes requiring firm implementation. With peer review results in and more than a few years’ worth of experience under the profession’s collective belt, it’s time to fine-tune the implementation of the risk assessment standards; designed to eliminate the connect-the-dots methodology of checklist auditing and add critical thinking back into the audit process. They remain a problem area for many firms, resulting in engagement and peer review deficiencies. Updated for the AICPA Clarity Standards that expanded the risk assessment methodology to new additional audit areas. Break down this complex and misunderstood subject with an easy-to-understand approach.
Understand the audit risk model.
Determine how the standards affect your audit practice.
Identify additional procedural changes requiring firm implementation.
Determine an implementation plan and the procedural and documentation requirements embodied in these standards.
Recognize the impact of enacted changes resulting from the AICPA Clarity Project.
Assessing the risk of material misstatement.
Mandatory risk assessment procedures.
Evaluating internal controls.
Responding to risk assessment with appropriate audit procedures.
Complying with revised and expanded documentation requirements.
Auditors and industry CPAs.
Working knowledge of audit standards is beneficial but not critical.