In this video, Leita Fanta and Charles Hall discuss risk assessment in performance and financial statement audits. You'll see how risk assessment is similar in the two types of engagements and how they are different. Risk assessments help you know what is essential in an audit and what to do about the risk. Leita is the owner of YellowBook-CPE.com, a provider of training for national, state, and local government auditors.

0:00 Introduction
2:00 Risk assessment in performance audits
2:39 Performance audit example (sheriff's dept.)
5:39 Foster care example
6:28 Steps to audit foster care (example)
8:30 Performance audit report appearance
10:00 Performance audit follow-up
11:58 Operational audits
12:25 The variety of performance audits
13:23 Financial statement risk assessment
14:35 Risk of material misstatement example
15:30 SAS 145
16:55 Close

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