Assessment of risk factors for 2001 financial statements.

• Position: Accounting and Auditing - Brief Article

Financial statement preparers, audit committees and auditors are urged to consider risk factors in the current financial reporting environment. To help out, the AICPA has released a detailed list of risk factors that should be considered as companies prepare 2001 financial statements.

The current economic downturn, events of Sept. 11 and recent business failures have combined to create a troubled financial...