Regulators are giving auditors some fresh reminders on how to approach the next audit to assure they properly comply with auditing standards around risk.
The Public Company Accounting Oversight Board published a report describing the deficiencies it sees in audit inspections in how firms implement and comply with Auditing Standards No. 8-15, known as the risk assessment standards. The standards address audit risk, audit planning, supervision of the engagement, materiality considerations in planning and carrying out the audit, identifying and assessing risks of material misstatement, evaluating audit results, and audit evidence.
