The article discusses how auditors assess risks when auditing employee benefit plans. They focus on understanding the company, determining materiality, and evaluating errors found during the audit. The study also covers documenting the audit process and considering fraud. The main goal is to ensure auditors give the right opinion on financial statements. They use GAAS standards to guide their work. The key finding is that audit risk is the chance of giving the wrong opinion when financial statements are wrong. This risk comes from both errors in the statements and the risk of not detecting them. The article helps auditors understand employee benefit plans better to do their job effectively.