000			01466nam a22001817a 4500
005			20241028142121.0
008			241028b ph ||||| |||| 00| 0 eng d
022			_a0021-8448
040			_cOCT
100			_aGroskopf, Thomas
240			_aJournal of Accountancy / _hJuly 2024
245			_aAudit smarter by reassessing audit risk / _cThomas Groskopf
260			_aDurham, NC : _bAICPA & CIMA , _c2024 -
300			_aVol 238 (2) Pages 40-43 : _billustrations ; _c28 cm
500			_aMisstatement, as a back-end, form-driven compliance exercise. In these settings, risk assessment can be perceived as inefficient and not adding value. A 2022 survey of CPEA members conducted by the AICPA Auditing Standards Board (ASB) found that 75% of respondents believed the costs of an audit exceed the benefits for less complex entities (LCEs). Further, 73% of respondents reported that they are reluctant to scale or modify requirements in GAAS when auditing an LCE, primarily because of concerns related to peer review. Concurrently, risk assessment compliance and audit quality concerns exist, including those noted by practitioners performing peer reviews and by the AICPA Enhancing Audit Quality initiative. Standards are becoming increasingly complicated, in part reflecting the complexity of the business envi-ronment. Finally, the profession faces a workforce shortage that some have suggested is at a crisis level.
650			_aAudit & Assurance
942			_2ddc _cCR _n0
999			_c9922 _d9922