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Statement on Auditing Standards No. 104 - No. 111 Risk Assessment Standards

 

Gain a better understanding of how the risk assessment standards affect audit practice.

In the 1990s, the auditing profession was affected by several allegations of audit failure. In response, the auditing profession looked into ways to improve the audit process. That led to a very extensive study that recommended, among other things, that the Auditing Standards Board (ASB) of the AICPA undertake a project to address issues with respect to assessing and responding to the risks of material misstatement (whether caused by error or fraud). This project culminated in the issuance of SASs 104-111, often referred to as the suite 'risk assessment standards.' Collectively, the risk assessment standards establish standards and provide guidance concerning the auditor's assessment of the risks of material misstatement (whether caused by fraud or error) in a non-issuer financial statement audit; design and performance of tailored audit procedures to address assessed risks; audit risk and materiality; planning and supervision; and audit evidence.

Agenda

Faculty

Hiram Hasty, CPA

AICPA

Hiram Hasty, CPA, AICPA

  • Associate director, audit and attest team of the AICPA; the audit and attest team supports the standard setting activities of the ASB, a senior technical committee of the AICPA responsible for the promulgation of audit, attestation, and quality control standards for nonissuers
  • Staff responsible for the issuance of SASs 104–111 and all the supporting implementation guidance, including an audit guide, audit risk alert, presentations at conferences, and technical questions and answers
  • Technical advisor to the AICPA member of the International Auditing and Assurance Standards Board
  • CPA and member of the New York State Society of CPAs
  • Can be contacted at 212-596-6011 or [email protected]

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