Assessing and Responding to Audit Risk In a Financial Statement Audit – AICPA Audit Guide

The AICPA's new Audit Guide, Assessing and Responding to Audit Risk In a Financial Statement Audit, will assist practitioners in applying the auditing standards related to the assessment of risk in an audit of financial statements. 

This guide provides both authoritative and nonauthoritative guidance on applying the audit risk standards and addresses, among other things:

• Key concepts underlying the auditor's risk assessment process
• Planning and performing risk assessment procedures
• Understanding the client, its environments and its internal control
• Linking risk assessment and the design of further audit procedures
• Performing further audit procedures and
• Evaluating audit findings, audit evidence and internal control deficiencies

In addition, the guide offers many useful appendixes and an in-depth illustrative case study. Plus, the existing Audit Guide titled Consideration of Internal Control in a Financial Statement Audit has been incorporated into this new guide. 

This audit guide is a must have for all practitioners performing audit engagements.