Episode 12 – Assessing Control Risk at High and Saving Time

By Charles Hall | Risk Assessment

Aug 17

Some auditors have been told they can’t assess control risk at high. Is this true? Also, is it possible to assess control risk at high and not test controls?

Additionally, some auditors believe that control risk is assessed at high only if internal controls are not in place. But is that true?

Listen now to hear the answers. Hint — assessing control risk at high might be your best solution.

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About the Author

Charles Hall is a practicing CPA and Certified Fraud Examiner. For the last thirty years, he has primarily audited governments, nonprofits, and small businesses. He is the author of The Little Book of Local Government Fraud Prevention and Preparation of Financial Statements & Compilation Engagements. He frequently speaks at continuing education events. Charles is the quality control partner for McNair, McLemore, Middlebrooks & Co. where he provides daily audit and accounting assistance to over 65 CPAs. In addition, he consults with other CPA firms, assisting them with auditing and accounting issues.

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(2) comments

chuck strand August 31, 2018

Just finished my peer review, passed no deficiency, but had to take 8 hours in planning, so I found every planning course I could download, the peer review went on forever. I think what they should have said was 8 hours in assessment of risk, which is our biggest problem with small entities. The PRIMA system is a mess!!!!!
If I could find an example of an assessment of risk that I could study for a small entity (one to pass peer review) I would pay almost anything!!!

These really small entities, with lack of SKE are driving me up the wall, I think as I work through the non attest services that I provide, I am going to have to disengage for independence impairment.

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Charles Hall August 31, 2018

Chuck, I am presently writing an audit book that should help. It focuses on the issues you just described. I hope to complete it by year-end.

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