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.
Download this whitepaper to learn the solutions to documenting your risk assessment and response, which will help reduce your risks.
