The Clarified Statements on Auditing Standardscontain six AU-C sections under the heading of Risk Assessment and Response to Assessed Risks. These sections replaced the previously existing Statements on Auditing Standards effective for audits of financial statement periods ended on or after December 31, 2012. This revision did not see significant new requirements in this group of standards. As with the Clarity project in general, there has been some reorganization of content. The many unconditional requirements of the previous standards have all been changed to presumptively mandatory requirements. And the Application and Other Explanatory Material (AOEM) now holds many of the detailed lists that were previously contained within the requirements. Upon completion of this course, the user should be able to: Define key terms related to risk assessment; List key requirements of the risk assessment standards; Describe procedures applicable to planning an audit, including the auditor's risk assessment; Describe the effects of the auditor's risk assessment on the nature, timing and extent of further audit procedures