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PCPS Home > Resources > Keeping Up With Standards > Risk Assessment Standards Implementation Guidance
Risk Assessment Standards Implementation Resources

SAS Nos. 104-111 will have an impact on the audits you perform for financial statements for periods beginning on or after December 15, 2006. This toolkit will give you an overview of the standards and provide you with tools to assist you in educating and communicating the impact of the risk assessment standards with your clients.

 

Risk Assessment Standards Toolkit

 

The tools included in the PCPS SAS Nos. 104-111 Toolkit are exclusively PCPS member benefits except the Frequently Asked Questions document, which is available to the general public. While these tools and resources were developed to support you in the implementation and communication of SAS Nos. 104-111 in your firm and with your clients, they are not meant to replace the guidance and direction outlined in the SASs themselves and in the Risk Alert on SAS Nos. 104-111. Please refer to the SAS Nos. 104-111 and Risk Alert for the actual detailed guidelines and requirements for implementing the risk assessment standards in your audit practice.  

 

This toolkit includes:

 

·         Frequently Asked Questions – The FAQs document is intended to address the most common general practitioner questions related to applying SAS Nos. 104-111. In addition, it provides links to additional resources that may help you in understanding and applying these SASs.  Learn More>>

·         SAS Nos. 104-111 Overview – This document provides an overview of the risk assessment standards and the key points you need to consider when incorporating them into your audit engagements. Learn More>>

·         SAS Nos. 104-111 Glossary – The glossary includes key terms that are important to understand when applying the risk assessment standards and is a complementary piece to the SAS Nos. 104-111 Overview of the Standards. Learn More>>

·         SAS Nos. 104-111 Client Communication Letter – This template document is designed for practitioners to communicate the impact of SAS Nos. 104-111 directly to each client. Learn More>>

·         SAS Nos. 104-111 Talking Points Document – This document is meant to assist practitioners in addressing common questions clients may have related to SAS Nos. 104-111 and what the new standards mean to their audit engagement. You may choose to use it in preparing to have a conversation with your clients about the risk assessment standards anytime before or during the audit. Learn More>>

 

·         The Risk Assessment Standards: A High Level Overview – This PCPS Web Forum was presented by Chuck Landes, CPA and AICPA VP of Professional Standards on September 18th, 2007. This session was designed to provide practitioners an overview and address the key points to consider when implementing SAS Nos. 104-111.

 

Click here to view the session

 

Download a pdf version of the presentation

 

Download the powerpoint of the presentation

 

 

Products and Self-Study

 

Assessing and Responding to Audit Risk in a Financial Statement Audit

 

Risk Assessment Standards: Understanding the Entity and Assessing Risk—Self-Study CPE

 

Understanding the New Auditing Standards Related to Risk Assessment—Audit Risk Alert

 

Auditor's Risk Assessment Process: Tackling the New Risk Assessment SASs—Self-Study CPE

 

For questions on the use of these tools, or to share your ideas for enhancing their value in your efforts, please contact us at 1-800-CPAFIRM or email us at pcps@aicpa.org.

Copyright © 2007 by the American Institute of Certified Public Accountants, Inc., New York, New York.