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Insight series from Reimagine Risk Assessments - Part II

Oct 18, 2023 · 1 min read

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Statement on Auditing Standards (SAS) 109, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, added the concept of a “significant risk” to generally accepted auditing standards (GAAS). At the time, a significant risk was a risk that, in the auditor’s judgment, required “special audit consideration.” While the definition of “significant risk” has changed since SAS 109, what has remained the same since the addition of “significant risk” to GAAS is significant confusion and controversy about

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File name: insight_series_from_reimagine_risk_assessments_-_part_ii_-_significant_issues_with_significant_risks.pdf

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