Читать книгу Wiley Practitioner's Guide to GAAS 2020 - Joanne M. Flood - Страница 202

Through the AICPA’s initiative on Enhancing Audit Quality (EAQ), data surfaced that indicated firms often fail to perform appropriate risk assessments and link those risk assessments to their audit procedures in compliance with AU-C Section 315 and AU-C Section 330. As a result, the AICPA Peer Review Board has developed stronger, more precise guidance. The Peer Review Board in its September 2018 Alert, as clarified in October 2018, announced an updated focus on risk assessment documentation and a new section in the Peer Review Manual, Evaluation of Non-Compliance with the Risk Assessment Standards. This new guidance is effective for peer reviews scheduled from October 2018 through September 2021.¹

The Alert emphasizes that reviewers should be alert to these areas of common non-compliance:

 Failure to gain an understanding of internal control

 Improperly assessing control risk

 Insufficient risk assessment

 Failure to link procedures performed to the risk assessment