ICAEW.com works better with JavaScript enabled.

Risk assessment, internal control and response to risks in external audit

Effective risk assessment is essential when performing audits of financial statements. It determines the further audit procedures needed. The Audit and Assurance Faculty outlines key requirements and provides practical support for auditors so they can understand and deal with challenges.

Topics

Compass
Understanding the requirements

An overview of the relevant requirements, challenges and developments in risk assessment.

Read more
Hands reaching out to each other
Risk assessment challenges

A guide to the challenges and considerations for auditors performing effective risk assessments.

Read more
Image of a colourful butterfly
Revised ISA 315

A guide to the revised requirements and implications for smaller ISA audits – effective for periods beginning on or after 15 December 2021.

Read more
Essentials Roadshow
Internal controls

A guide to understanding, documenting and testing internal controls and implications for smaller ISA audits.

Read more
Robotic hand
Internal control components

Illustrations of the work required on control design and implementation for each control component in smaller ISA audits.

Read more
3D puzzle
Materiality

A guide to the ISA requirements on determining and applying materiality.

ISA requirements
Stack of files
Management override

A guide to the auditor’s assessment of the risk of management override.

International guide (ISAs) UK guide ((ISAs(UK))
A magnifying glass
Communications

A guide to the ISA requirements on communicating with those charged with governance and how to apply them to small entity audits.

International guide (ISAs) UK Guide (ISAs (UK))
Orange origami boat with the ICAEW dividers representing a sail
Remote auditing

Guidance on revising audit approaches, risk assessment and internal controls

Audit approaches and risk assessment Internal controls