The Institute of Internal Auditors has updated its Three Lines of Defense Model to emphasize more active forms of risk management and governance that go beyond merely defensive moves by the internal ...

Editor’s note: The author is technical director of the AICPA Center for Plain English Accounting. Addressing audit risk in financial statements with high levels of substantive procedures toward the ...

Generally accepted auditing standards (GAAS) require the auditor to identify and assess risks of material misstatement (AU-C §315, Understanding the Entity and Its Environment and Assessing the Risks ...

The annual audit plan is typically out-of-date even before it is approved by the audit committee. It’s quite a few years since I first started talking about “auditing at the speed of risk” (since at ...