QS Study

Audit Risk Alert

The AICPA General Accounting and Auditing Developments Audit Risk Alert contains a summary of all of the substantive and primarily clarifying changes in the auditing standards from the Clarity Project. It was developed to present issues that auditors may face in their current audits; focusing on emerging practice issues and current auditing developments. This AICPA Audit Risk Alert helps you plan and perform your audits and can also be used by an entity’s internal management. It provides information to assist you in achieving a more robust understanding of the business, economics, and regulatory environments in which you or your clients operate. It is an important tool to help you identify the significant risks that may result in the material misstatement of the financial statement. This also can be used by an entity’s internal management to address areas of audit concern.

You will find new accounting and auditing guidance in this alert, to the areas of –

(a) Fair Value Measurements,

(b) Comprehensive Income,

(c) Intangibles – Goodwill and Other,

(d) Property, Plant, and Equipment,

(e) Communication with Audit Committees.