Assessing Audit Control Risk (and Saving Time)

At times, auditors errantly assess control risk at less than high. Why? We have been told–correctly I might add–that “you can’t default to maximum risk.” While we can’t default to maximum (the old pre-risk-assessment-standards term), we can–and in many audits should–assess control risk at high (the risk assessment standards term). First the auditor should determine the […]

Source: cpa-scribo.com

Should the audit committee members ask their auditor about the auditor’s assessment of controls?  Yes. Will the answer mean anything to the audit committee members? That probably depends on the information that the auditor provides in reply and each audit committee member’s knowledge of the topic area.  See also the COSO Internal Control – Integrated Framework 2013, Executive Summary, click here.

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