For an auditor, inherent risk is the risk of a material mistatement at the assertion and financial statement levels. Assertions are claims made by business owners or executives that state information ...

(Editors’ note: All quoted material in this article comes from SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, as codified in AU-C Section ...

One of internal audit's values is to tell management when the controls to manage risks and assure opportunities aren't working. Internal audit should have a plan for the work it will do, and by now we ...

Calendar year 2023 audits will require auditors to follow revised risk assessment guidance. Changes to the concept of significant risk may impact how you perform risk assessment procedures and how you ...