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Risk Assessment Deep Dive: How to Avoid Common Missteps

Code: JI157000

Date Valid for one year from purchase date
Format Self-Study (On-Demand)
CPE credits CPE 3.5
Field(s)
of study
Auditing - Technical (3.5)
Fees
Standard member fee $59.00
checkmarkStandard nonmember fee $69.00

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Description

At the core of every audit are the goals of identifying, assessing and responding to risks of material misstatement. Yet, common misconceptions can lead to non-compliance. In this course, you'll learn about the most pervasive issues the peer review team has uncovered that you will want to avoid in your practice.

Who should take this program?

Financial statement auditors and those part of the audit team involved in risk assessment and testing.

Major subjects

  • Misconceptions that are leading to non-compliance with AU-C Sections 315 and 330 related to the following:
  • Understanding the entity and its environment, including internal control
  • Assessing the risks of material misstatement
  • Performing audit procedures in response to assessed risks

Learning objective(s)

  • Identify common misconceptions that are leading to non-compliance with AU-C Sections 315 and 330, as relates to:
  • Identifying risks relevant to the financial statement audit
  • Assessing your client's risks of material misstatements at the relevant assertion level using professional judgment
  • Determining responses to identified and assessed risks by selecting or designing further procedures
  • Recognize how the requirements in the standards should be applied

Notes:

Course code Code JI157000
Sponsor AICPA
NASBA ID#: 112891
Level Intermediate
Format Self-Study (On-Demand)
Prerequisites Prereq. Basic knowledge of risk assessment in financial statement audits.
Advance
prep
None