About SMART Practice Aids – Risk Assessment

Risk Assessment
is the baseline module in SMART Practice Aids. Once you create an engagement, you perform your audit by working through the risk assessment process in four easy steps:
  1. Identify risks that could result in a material misstatement of the financial statements.
  2. Assess effects of risks by determining the extent of audit procedures necessary in light of identified risks.
  3. Review the suggested audit programs and modify as needed.
  4. Run a diagnostics report to identify inconsistencies or missing information; then generate practice aid planning forms and audit programs.
See the following topics for step-by-step procedures for completing your audit.