The implementation of this standard will give auditors much more control over the audit process. This gives the auditors the tools they need to meet their responsibilities with respect to professional skepticism. Auditors are responsible for the quality of the financial statements, and this standard gives them the mandate to be sufficiently creative in the audit design so as to detect misstatement.

The change benefits experienced auditors in particular, and places the onus on inexperienced auditors to learn quickly how to assess risk. Improper assessment of the risk of misstatement will result in poorly designed audits and therefore increased risk of misstatements passing through the audit. Experienced auditors will be better able to design audits that detect misstatement because they will better understand the risks. For companies, this additional degree of empowerment to the auditors will place addition risk on the company in the even of misstatement. With the auditor...
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