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The Audit Risk Assessment Tool aids the experienced auditor in identifying risks of material misstatements for the purpose of spotting significant risks that may require special audit consideration.
Designed to be used in lieu of cumbersome checklists, it provides a top down risk-based approach to the identification of high risk areas to allow for appropriate tailoring of audit programs which will result in audit efficiencies.
Auditors continue to struggle with effective and efficient execution of the Risk Assessment Standards. Common deficiencies include an over-reliance on checklists and inadequate documentation of audit risk assessment, including linkage of audit procedures to the risks they are designed to address.
This tool supplements a firm’s existing planning module in order to improve efficiencies. It is intended to work with any audit methodology and may be used for any audit; however, efficiency gains are most notable with smaller audit clients.
The tool is available in the Online Subscription format and includes access to the entire AICPA Audit Guide, Assessing and Responding to Audit Risk in a Financial Statement Audit.
“An elegant device that facilitates compliance with the standards”
– W. Douglas Logan, CPA, PC
“I was able to complete the risk assessment process faster compared to (a checklist method)…by identifying the significant areas/risks, we were able to focus on those areas and tailor the audit programs accordingly.”
- Sole Practitioner
“This process condenses the risk assessment down to just what you need to perform the risk assessment. The steps to get to the audit program generation were reduced and I think you end up with a better and more complete product at that point. I think it makes your planning process better.”
- Partner from CPA firm with 18 professionals
“I think time was the biggest efficiency (gained by using the ARA Tool). The support and guidance made the process of assessing risk quicker and clearer.”
– Audit Senior Manager from CPA firm with 88 professionals
“It would be beneficial to use this streamlined tool on a smaller entity where our current forms may be more inefficient.”
- Audit Supervisor from CPA firm with 400 professionals