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Tips for small firms on proper audit risk assessment | Small firm philosophy

Apr 23, 2019 · 19 min listen

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:

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