Best Practices for Identifying and Evaluating Audit Risk - Linking Risk to the Detailed Audit Plan will emphasize the key concepts and best practices that drive a thoughtful risk-based approach to forming an opinion on the financial statements. Properly identifying, assessing, and responding to risk through a detailed audit plan is critical to an effective and efficient financial statement audit.
DESIGNED FOR
Accountants who must identify, assess and respond to risk through a detailed audit plan on a financial statement audit.
BENEFITS
Upon completion of this course, you will be able to...
- Recall the importance of risk assessment to a high-quality audit
- Recognize the audit risk formula, including how the elements relate
- Identify the steps and best practices of an effective risk assessment process
- Link risk to a detailed audit plan
HIGHLIGHTS
The major topics covered in this course include:
- Overview of a risk-based audit process
- How the individual elements of the audit risk formula interrelate
- Emphasis on overall risk, fraud risk, and control risk
- Linking the assessed risk of material misstatement to the detailed audit plan
- Documenting risk assessment conclusions and responses
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None