Recent feedback from peer reviewers and regulators has emphasized the importance of performing an effective risk assessment to identify and evaluate the risk of material misstatement in a financial statement audit. Risk assessment procedures include obtaining an understanding of the entity, performing preliminary analytical procedures, making fraud inquiries, evaluating the design and implementation of internal controls, and determining how much reliance an auditor will place on those controls.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
All auditors involved in applying the risk assessment requirements
BENEFITS
- Recall key concepts in the risk assessment standards, including various requirements
- Recognize how to implement amendments to the existing standards in practice
- Identify approaches to comply with professional standards while auditing in a virtual environment
HIGHLIGHTS
- Audit process and planning
- Setting materiality
- Assessing the risk of material misstatement and the design and implementation of internal controls
- Designing procedures to test the effectiveness of controls
- Designing procedures to perform substantive procedures
- Challenges in performing audit procedures in a virtual environment
- Performing and evaluating interim and year-end tests of control and substantive procedures
- Final audit procedures and wrap up
PREREQUISITES
None
ADVANCE PREPARATION
None