Audit Risk Alerts provide auditors of financial statements with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. Updated annually, alerts also help identify the significant business risks that may result in the material misstatement of a client's financial statements. Audit Risk Alerts also can be used by an entity’s internal management to address areas of audit concern. Auditing guidance included in an AICPA Audit Risk Alert is recognized as an other auditing publication in accordance with AU section 150, Generally Accepted Auditing Standards. Other auditing publications have no authoritative status; however, they may help the auditor understand and apply the Statements on Auditing Standards (SASs).

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