Risk Assessment Deep Dive: How to Avoid Common Missteps

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3.5 Credits

At the core of every audit are the goals of identifying, assessing and responding to risks of material misstatement. Yet, common misconceptions can lead to non-compliance. In this course, you'll learn about the most pervasive issues the Peer Review team has uncovered that you will want to avoid in your practice.


  • Identify common misconceptions that are leading to non-compliance with AU-C Sections 315 and 330, as relates to:
  • Identifying risks relevant to the financial statement audit
  • Assessing your client's risks of material misstatements at the relevant assertion level using professional judgment
  • Determining responses to identified and assessed risks by selecting or designing further procedures
  • Recognize how the requirements in the standards should be applied

Major Topics

Misconceptions that are leading to non-compliance with AU-C Sections 315 and 330 related to the following:

  • Understanding the entity and its environment, including internal control
  • Assessing the risks of material misstatement
  • Performing audit procedures in response to assessed risks

Designed For

Financial statement auditors and those part of the audit team involved in risk assessment and testing.

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