The Employee Benefit Plan Audit Quality Center has provided a list of resources for risk assessment below:
EBPAQC audit advisory, Performing risk assessments in employee benefit plans.
This advisory offers an update on recent AICPA Peer Review Board findings related to risk assessment and can help you properly apply risk assessment standards in employee benefit plan audits.
Examples of risks of material misstatement (“what can go wrong”) at the financial statement level and relevant assertion level for classes of transactions, individual account balances, and disclosures:
Defined benefit plans (including terminating and frozen DB plans)
The AICPA Risk Assessment Resources website includes helpful tools and resources related to risk assessment, including:
Risk Assessment Deep Dive: How to Avoid Common Missteps
This self-study CPE course walks through the most pervasive issues the Peer Review team have uncovered and how to avoid them in your practice.
Audit Risk Assessment Tool
This comprehensive template will help you identify, assess and document your planned response to risks of material misstatement and make your audit more effective and more efficient.
Staff Training Workshop Presentation (PPT)
Use this PowerPoint presentation with speaker notes and this staff training case study to educate your firm on proper risk assessment and response as well as common misconceptions to avoid.
Internal inspection aid
This tool will help you identify non-conformity with AU-C 315 and AU-C 330 during your firm’s internal inspection. The aid also provides guidance on how those findings should be addressed.
Quiz: Is your audit addressing your client’s risks?
Take this quick quiz from the Journal of Accountancy to see if you’re up to speed on how to assess and respond to risk.