The AICPA has determined than 1 in 10 firms are not compliant with the risk assessment standards. This course will discuss how to properly identify risks and assess risks under AU-C 315. We will then review how to respond to identified risks under AU-C 330. The course will focus on the inherent risk model. We will also review common deficiencies and how a proper risk assessment can drive a more efficient and effective audit.
- Describe common audit deficiencies
- Properly perform risk assessment and documentation
- Recall best practices for auditing estimates
- Recognize changes to auditing standards for estimates and risk assessment
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