After years of teaching their peers about internal controls, fraud detection and prevention, and risk assessment, California practitioners, Thomas Noce and Thad Scott, both CPAs and CFEs, decided to develop a tool to help practitioners implement what they had learned.

The resulting Risk Assessment Toolkit provides systematic documentation of an audit from pre-engagement activities through risk assessment and summary. The Toolkit is driven from its powerful Audit Strategy Worksheet which guides the practitioner step by step through:

• Mandatory risk assessment procedures
• Documentation of relevant assertions
• Understanding of controls in place for each assertion
• Summary as to whether controls have been appropriately designed and are in place
• Risk assessment by assertion
• Documentation of further audit procedures responsive to the risk assessment