Lesson 13 of 23
Auditing: Client Risk Profile
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This lecture explains what exactly is the client risk profile and how it is used. GAAS requires that we gain an understanding of the client's business and document this understanding in the audit file. The better we understand our client's business, the better we are able to assess the client business risk.
This is a perfect example of why good auditors need to be more than just good bean counters.