What Are the New Audit Risk Standards? Part 1 of a Two-Part Series by ProQuest

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In 2006, policymakers for auditors of non-public companies set new standards that introduced a comprehensive audit methodology that differs significantly from the way audits have been performed for the past three decades. Without question, the changes mandated by the new standards will affect not just audit firms, but their clients as well. The impact the new rules will have on individual audit engagements will vary, depending on the procedures the audit engagement teams have performed in the past. Business models have evolved rapidly in the last decade. This dynamic business world requires an audit process that can adapt to changing circumstances. A fundamental feature of the revised audit process is its ability to adapt to the unique facts and circumstances of individual entities.

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