April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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10AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
- Scope
- Technical Alert
- Definitions of Terms
- Objective of AU-C Section 315
- Overview
- Requirements
- Step 1. Perform Risk Assessment Procedures
- Step 2. Identification of Significant Risks
- Step 3. Assessing the Risk of Material Misstatement
- Documentation
- Examples of Matters to Consider When Obtaining an Understanding of the Entity and Its Environment
- The Economy
- The Client's Industry
- The Client's Business: New Client
- The Client's Business: Continuing Client
- Using a Risk-Based, Top-Down Approach to Evaluate Internal Control
- Effect of IT on Internal Control
- AU-C 315 Illustrations
SCOPE
AU-C 315 provides guidance for the auditor to identify and assess the risks of material misstatements. The auditor does this by achieving an understanding the entity and its environment, including internal control. (AU-C 315.01)
TECHNICAL ALERT
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 ...
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