Risk assessment drives every aspect of an audit, yet many firms treat it as a mere compliance checkbox rather than the strategic foundation it should be. Sam reveals why rushed planning and copy-paste approaches from prior years lead to deficient audits and missed material misstatements. This episode explores how top-performing firms approach risk assessment as a mindset, emphasizing collaboration, customization, and the critical connection between identified risks and targeted audit procedures.

• (00:00) - Introduction and Guest Welcome
• (00:26) - The Importance of Risk Assessment
• (04:37) - Common Mistakes in Risk Assessment
• (13:37) - The Role of Junior Auditors
• (18:04) - Collaborative Efforts in Auditing
• (20:57) - Assessing Control Environments
• (25:26) - The Importance of Digging Deeper
• (27:17) - Practical Tools for Risk Assessment
• (28:31) - The Role of Brainstorming Sessions
• (32:18) - Leveraging Data Analytics in Audits
• (37:15) - Top Changes to Improve Risk Assessment
• (40:17) - Characteristics of Top Performing Firms
• (42:12) - Ensuring Effective Risk Assessment

Connect with Sam
https://www.linkedin.com/in/sam-mansour-cpa-2a755b271

Connect with Abdullah
https://www.linkedin.com/in/abdullah-mansour-454959108

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This podcast is a production of the Earmark Media