Risk Assessment Standards Clarified


The Auditing Standards Board recently issued six clarified Statements on Auditing Standards related to risk assessment resulting from its clarity project, through which all of its auditing standards will be redrafted over the next one to two years. The board also issued additional proposed SASs.

The goal of the clarity project is to make auditing standards easier to read, understand and apply. Consistent with the ASB’s strategy to converge its standards with those of the International Auditing and Assurance Standards Board, each proposed standard has been redrafted using the corresponding International Standards on Auditing as the basis.

The clarified Risk Assessment Standards, represent the redrafting of SAS nos. 106–110. They are:


The SASs are effective for audits of financial statements for periods beginning on or after Dec. 15, 2010. The effective date is provisional but will not be earlier.

 

SPONSORED REPORT

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.