Observation: A Key Risk Assessment Procedure

By Charles Hall | Risk Assessment

Jul 14
Courtesy of Canva

Courtesy of Canva

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About the Author

Charles Hall is a practicing CPA and Certified Fraud Examiner. For the last thirty years, he has primarily audited governments, nonprofits, and small businesses.He is the author of The Little Book of Local Government Fraud Prevention and Preparation of Financial Statements & Compilation Engagements. He frequently speaks at continuing education events.Charles is the quality control partner for McNair, McLemore, Middlebrooks & Co. where he provides daily audit and accounting assistance to over 65 CPAs. In addition, he consults with other CPA firms, assisting them with auditing and accounting issues.

  • Ben Pena says:

    Did I miss the article somewhere? Yes. I agree. Written policies are often just that.

    • Ben, no article. Just wanted to make this one point. Many auditors still are just asking, “did anything change?” and not observing controls in action. Corroborating that controls remain in place and are operational is important — each year.

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