This course considers the AICPA audit quality challenges related to audit risk assessment, including the risk assessment model, as well as identifying, assessing, and responding to audit risks. Take part in an in-depth review of the audit risk assessment process, with examples of potential risk areas and samples of tailored responses.
After attending this presentation you will be able to...
- Recall the risk assessment process.
- Identify specific examples and resources that firms can use to ensure compliance with important standards.
- Recognize the risk assessment deficiencies commonly noted in connection with peer review.
- Ensure that audit work is tailored to the key audit risks and in compliance with the AICPA audit risk assessment standards.
The major topics that will be covered in this class include:
- AICPA Audit Quality Initiative audit risk assessment findings and areas of focus.
- Audit risk assessment model.
- Audit risk assessment process, including identifying, assessing, and responding to audit risk.
- Examples of potential risk areas and responses.
- Required risk assessment documentation.
- AICPA Auditing Standards Board audit risk assessment project.