Auditing · Lesson 10 of 13

Risk Assessment in Depth: Significant Risks, IT Controls, and Service Organisations (PSA 315, PSA 330, PSA 402)

Perform the three risk assessment procedures, identify a significant risk from the inherent risk factors, test controls only when you intend to rely on them or when substantive procedures alone will not do, retest a control relied on in a prior audit at least every third audit but never rotate a control over a significant risk, always perform substantive procedures for every material class, and read a service organisation report of the right type.

20 min read · Super Ea