Auditing Bits in Bytes™ Session 4: Assessing and Responding to Risk

Overview

This 2-hour session focuses on how to appropriately identify, evaluate, document and respond to risks of material misstatement due to either fraud or error in order to effectively and efficiently design the nature, timing and extent of further audit pr

Highlights

Key Topics

• Audit Risk Components: Inherent Risk, Control Risk, & Detection Risk - Understanding the underlying intent of each of the components, and key considerations in properly assessing and documenting the basis for conclusions
• Identifying & Evaluating Risk - How to synthesize all the information gathered throughout the risk assessment process into a concise summary of risk assessment conclusions
• Determining Significant Risks Requiring Special Audit Considerations - What differentiates this type of risk from other types of risks of material misstatement, and what that means in regards to the nature, timing and extent of further audit procedures
• Engagement Team Discussion - Common deficiencies in the performance of this required important activity
• Special Fraud Considerations - Minimum procedures required to appropriately respond to fraud risk
• Linking Assessed Risk of Material Misstatement to the Detailed Audit Plan - How judgment calls directly influence the effectiveness and efficiency of the detailed audit plan
• Extensive illustrative examples and exercises will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

Prerequisites

None

Designed For

Who Will Benefit

Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards