Educators Develop Tool to Help Fellow Auditors

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
Since its initial release in October of 2008, hundreds of firms have begun using the Risk Assessment Toolkit. Users are enthusiastic about the product. Ken Mierzwinski, CPA for KPM Accounting & Management Solutions in Pleasant Hill, California says "we've purchased the Toolkit and have used it on one audit and are currently using on another. We love it!" The 2009 release of version 2.0 has added even more time-saving features based on input from users.

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by Sue Anderson - Based on 30 years of experience in continuing education for accountants. Currently program director for online CPE provider, CPE Link. Formerly with the California CPA Education Foundation managing key operational areas including marketing, program development, and distance learning.

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