CPE Link Releases Risk Assessment Toolkit

Los Gatos, CA, October 31, 2008 --(PR.com)-- CPE Link has just released the Risk Assessment Toolkit. The Toolkit is an integrated set of PDF templates designed as a practice aid to assist practitioners in complying with the new documentation requirements in the AICPA’s risk assessment standards. The new standards are not only burdensome, but, due to the mandated change in methodology, can be confusing to many practitioners. The Risk Assessment Toolkit uses an Audit Strategy Worksheet to guide practitioners through the steps necessary to comply with the required assertion based approach, ensuring consistency across all audit engagements, and saving valuable time.

Most other commercial providers of practice aids have taken existing products and attempted to force them into this new methodology. The Risk Assessment Toolkit was designed by practitioners from the bottom up to provide a concise format to document compliance with the new standards. The Toolkit provides systematic documentation of the following audit areas:

· Pre-engagement activities
· Initiation audit strategy
· Materiality
· Interview documentation
· Understanding of entity and operating environment
· Engagement team meeting
· Overall and assertion level risk assessment
· Fraud risk documentation including mandatory procedures required by SAS No. 99
· Significant area summary
· Audit Strategy Worksheets for assertion level risk assessment

The Risk Assessment Toolkit was created by Thomas Noce, CPA, CFE and Thad H. Scott, CPA, CFE, MS. In addition to his tax and accounting practice, Tom performs special engagements dealing with internal controls and fraud prevention and detection. He has authored and taught numerous accounting, auditing, and fraud courses—with a focus on understanding and implementing the new risk assessment standards. Thad is a sole practitioner whose practice consists largely of audit and accounting services as well as business management consulting and litigation support. He has assisted outside firms with implementation of professional standards and performs peer reviews. He currently serves as a member of the California Society of CPAs’ state Accounting Principles and Auditing Standards Committee.

Priced at only $159, the Risk Assessment Toolkit provides powerful support for practitioners who need to implement the AICPA’s risk assessment standards. For more information or to purchase, visit http://www.cpelink.com/product/detail.php?p=1066

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