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Tax & AccountingMay 24, 2021

How to Avoid Common Audit Violations

Although the AICPA issued its Risk Assessment Standards more than a decade ago, many firms still aren't properly assessing risk. That not only results in lower quality audits but also jeopardizes a firm's peer review.

In order to help firms bring every audit up to standards in terms of quality, the AICPA developed the Enhancing Audit Quality (EAQ) Initiative in 2018. However, during a webinar Wolters Kluwer presented, only 7.6% of auditors said they were 'very familiar' with EAQ objectives. Consequently, we developed an eBook about the most common audit deficiencies noted in the EAQ Initiative. Get your copy of Steps for Excelling, with Guidance from the AICPA Enhanced Audit Quality (EAQ) Initiative to discover:

  • Firstly, the areas of audit risk that have been the main focus of the AICPA EAQ objectives
  • Secondly, the three types of inaction risks firms face if they fail to adopt EAQ guidance
  • Thirdly, how the four most common audit violations occur
  • Fourthly, the impact of these violations on both audit quality and peer review
  • Finally, how current audit technology can address risk assessment challenges and improve audit efficiency

A lot of auditors believe there aren't any audit technologies which fully address the EAQ’s most common risk violations. Fortunately, an audit solution does exist to help firms enhance audit quality today. Learn about it when you get your copy of the eBook.

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