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Risk Assessment Mistakes That Blow Up Your Audit
Manage episode 496267651 series 3663112
Risk assessment drives every aspect of an audit, yet many firms treat it as a mere compliance checkbox rather than the strategic foundation it should be. Sam reveals why rushed planning and copy-paste approaches from prior years lead to deficient audits and missed material misstatements. This episode explores how top-performing firms approach risk assessment as a mindset, emphasizing collaboration, customization, and the critical connection between identified risks and targeted audit procedures.
- (00:00) - Introduction and Guest Welcome
- (00:26) - The Importance of Risk Assessment
- (04:37) - Common Mistakes in Risk Assessment
- (13:37) - The Role of Junior Auditors
- (18:04) - Collaborative Efforts in Auditing
- (20:57) - Assessing Control Environments
- (25:26) - The Importance of Digging Deeper
- (27:17) - Practical Tools for Risk Assessment
- (28:31) - The Role of Brainstorming Sessions
- (32:18) - Leveraging Data Analytics in Audits
- (37:15) - Top Changes to Improve Risk Assessment
- (40:17) - Characteristics of Top Performing Firms
- (42:12) - Ensuring Effective Risk Assessment
Learn more at https://mansouradvisory.com/
Connect with Sam
https://www.linkedin.com/in/sam-mansour-cpa-2a755b271
Connect with Abdullah
https://www.linkedin.com/in/abdullah-mansour-454959108
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This podcast is a production of the Earmark Media
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