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Highlights and Misses of PCAOB's audit risk standards
Transcript of Highlights and Misses of PCAOB's audit risk standards
Audit Risk Standards Hillary Adams
Philip Raaf Auditing Standards
No. 8 - 15 Enhance effectiveness
Improve existing framework
Reduce unnecessary differences Purpose Objective 1 Refocus internal control audit
on the most important matters Objective 2 Eliminate procedures that are unnecessary to achieve the intended benefits Objective 3 Make the audit clearly scalable to fit the complexity of any company Objective 4 Simplify the text of the standard Who Investors
Auditors Pros Cons Risk Methodologies
Foundation for Responsibilities
Assessment of Fraud Do we need clarity on evidence? Pros and Cons of Risk Standards TIME TO PAY ATTENTION How does this apply to you as a future CPA? Testable CPA exam material
5 selected assertions Punch Line Point The auditor should assess fraud risk as the central part of the audit process