Risk assessment is the foundation of an audit. Identifying, assessing, and responding to risks of material misstatement drive every audit procedure.
Audit risk assessment tips — common missteps and how to avoid them — are covered in this Small Firm Philosophy podcast episode: “Tips for small firms on proper audit risk assessment.”
Learn about the importance of controls and the differences in interpretations of controls relevant to the audit.
View examples of preventative controls and detective controls.
Understand what qualifies as a significant risk.
Additional resources:
Journal of Accountancy article “Taking the risk out of risk assessment”