Web CPA recently reviewed CPE Link’s Risk Assessment Toolkit, a product designed to help practitioners comply with the required assertion-based approach to auditing. Web CPA cleverly compared learning the audit process to learning how to dance emphasizing that it helps to be led through the steps. Nice metaphor. Having clear steps to follow gives you the confidence you need to do the steps well and consistently.

The Toolkit was developed by California practitioners, Thomas Noce and Thad Scott, both CPAs and CFEs with many years of experience in continuing education teaching internal controls and fraud detection to their peers. The key to the Risk Assessment Toolkit is the Audit Strategy Worksheet. This worksheet guides the practitioner step by step through:

  • Mandatory risk assessment procedures
  • Documentation of relevant assertions
  • Understanding of controls in place for each assertion
  • Summary as to whether controls have been appropriately designed and are in place
  • Risk assessment by assertion
  • Documentation of further audit procedures responsive to the risk assessment

The Risk Assessment Toolkit provides systematic documentation of the audit from pre-engagement activities through risk assessment and summary.

There are hundreds of firms using the the Risk Assessment Tool since its initial release in October of 2008. The 2.0 release in 2009 added even more time-saving features. Check it out!