Gaining an understanding of a client's internal controls is a necessary step in every audit.
But according to a 2018 Peer Review Program survey, 40% of audits didn’t comply with AU-C 315 or AU-C 330 because auditors didn’t properly identify the risks of material misstatement through obtaining an understanding of their client’s controls.
New, free resources are now available from the AICPA, specifically developed to help you comply with the requirements associated with internal controls.