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Pre-Risk Assessment
Practice Aids
• For 2007 audit engagements prior to the effective date of the risk assessment standards, these practice aids include all of the audit programs & selected planning checklists updated for all new standards except the risk assessment standards & other standards with the same effective date.
• These practice aids should not be used after the effective date of the risk assessment standards, but you can use them prior to that date if you do not want to early adopt.
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Specified Risk
Practice Aids
• The “specified risk” practice aids include a set of substantive audit programs for audit areas common to many small nonpublic entities based on a specified set of underlying risk assumptions at the assertion level for each audit area.
• Those audit programs may be useful when assessing & responding to risks for your small nonpublic entity engagements.
• They can be used for 2007 audit engagements that have adopted the new risk assessment standards.
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Core
Practice Aids
• This is a complete set of “core” practice aids that have been updated for all new auditing standards, including the risk assessment standards.
• This complete set of confirmation letters, checklists, and audit programs can be used for 2007 audit engagements that have adopted the new risk assessment standards.
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