SEC Chief Accountant issues statement on the importance of a comprehensive risk assessment by auditors and management

The August statement discussed management’s obligation to (1) holistically assess information and avoid potential bias toward evaluating problems as isolated incidents to identify risks timely; (2) design processes and controls that are responsive to identified risks; and (3) effectively identify information that issuers are required to communicate to investors. It also discusses auditors’ responsibilities as gatekeepers.
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