What would you do if you only had one workday to complete a financial statement audit? How would you optimize just a handful of hours? What would you test? More importantly, what would you minimize or eliminate? Although one day is unrealistically short, it illustrates how risk-based auditing can help auditors optimize professional effort. This course emphasizes the importance of risk assessment for enhancing both the effectiveness and efficiency of audit procedures.
DESIGNED FOR
CPAs in public practice who want to enhance the efficiency and effectiveness of their audits.
BENEFITS
After attending this presentation, you will be able to...
- Use the audit risk model
- Perform risk assessments
- Identify significant risks
- Adopt a risk-based audit approach
HIGHLIGHTS
The major topics covered in this course include:
- The audit risk model
- Risk assessment
- Linking risks to audit procedures
- Other responses to risks
- Documentation
COURSE LEVEL
Intermediate
PREREQUISITES
A basic understanding of financial statement audits.
ADVANCE PREPARATION
None