Choosing between Core Package and Specified Risk

The core and specified risk audit programs are considered a starting point for developing an audit program. The authors anticipate that auditors will tailor the majority of the PPC audit programs for individual financial statement audit areas to respond to their client's specific risks and circumstances.  Auditors should refer to detailed guidance included in PPC specialized industry guides.
The PPC core audit programs include both general audit programs and audit programs for specific financial statement audit areas.
The authors developed the specified risk set of audit programs based on a set of underlying risk assumptions at the assertion level for most audit areas that are common to many small, nonpublic audit engagements.