Earlier this year, the Auditing Standards Board released a comprehensive set of auditing standards that significantly changes the basics of audit fieldwork.

What does this mean for you?
Quite frankly, this can have staggering implications for all audit firms. The new auditing standards, combined with recent standards on audit documentation and reporting of internal control deficiencies, will require you to—

• Perform additional work to evaluate the design of your client’s internal control
• Include more detail in your audit documentation
• Carefully choose your audit procedures to ensure they are responsive to unique risks and circumstances that exist at an individual client

AuditWatch has been closely following the development of these standards for over two years. We have prepared a variety of consulting and training services, including:

• Working with firms and associations to develop or modify their existing audit methodologies to comply with the new standards
• Developing proprietary forms, checklists and other practice aids to apply the new standards in the field
• Developing plans for firm-wide implementation of the new standards
• Training courses relating to the new standards

For more information, please contact Beckie Reilly via phone at (800) 775-9866 or email at BReilly@AuditWatch.com

Download our white paper “Re-writing the Cannon: A First Look at the Risk Assessment Auditing Standards”.