Page 104 - Auditing Standards

As of December 15, 2017

AS 2110: Identifying and Assessing Risks of Material

Misstatement

Effective Date: For audits of fiscal years beginning on or after Dec. 15, 2010

Final Rule: PCAOB Release No. 2010-004
Guidance on AS 2110: Staff Audit Practice Alerts No. 7, No. 8, No. 9, No. 10, No. 11, No. 12, and No.
15 and Staff Guidance for Auditors of SEC-Registered Brokers and Dealers

Summary Table of Contents

.01 Introduction

.03 Objective

.04 Performing Risk Assessment Procedures

.07 Obtaining an Understanding of the Company and Its Environment

.18 Obtaining an Understanding of Internal Control Over Financial Reporting

.41 Considering Information from the Client Acceptance and Retention Evaluation, Audit Planning Activities,

Past Audits, and Other Engagements

.46 Performing Analytical Procedures

.49 Conducting a Discussion among Engagement Team Members Regarding Risks of Material Misstatement

.54 Inquiring of the Audit Committee, Management, and Others within the Company about the Risks of
Material Misstatement

.59 Identifying and Assessing the Risks of Material Misstatement

.74 Revision of Risk Assessment

Appendix A - Definitions

Appendix B - Consideration of Manual and Automated Systems and Controls

Introduction

101