Risk Assessment Compliance Standards When Auditing Privately-Owned Companies

Thursday, January 13, 2022
Webcast or Webinar, Online
11:00AM - 2:30 PM (opens at 10:30AM) EST
4Credits
Accounting and Auditing

Registration is Closed

Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.

Members
$149.00 Regular Price
Non-Members
$199.00 Regular Price
Course Type: Webcast
Course Code: 21/23096906
Level: Basic
Vendor: California CPA Education Foundation
Field of Study: Auditing

Overview:

Auditors identify and assess the risks of a material misstatement by understanding the entity and its environment. Privately-owned companies present unique challenges. We'll examine issues such as: Do identifiable controls exist? Do owners/managers promote compliance with company policies? Do owners/managers document controls and communicate them to staff? Are these controls observable? Can they be tested for operating effectiveness? Do owners/managers monitor employee performance and evaluate the controls in place?

Objectives:

Please add objectives using the following verbs. Recognize high-risk areas applicable to private companies Determine the best approach to deal with private company shortcomings in control activities Identify the appropriate risk assessment procedures in the circumstances

Major Topics:

Review of applicable auditing standards for risk assessment Identification and discussion of high-risk audit areas Discussion and analysis of control risk vs. inherent risk Practical approach to auditing companies where controls are minimal or not adequately documented Detailed discussion and examples of risk assessment procedures and alternative approaches

Major Topics:

Review of applicable auditing standards for risk assessment Identification and discussion of high-risk audit areas Discussion and analysis of control risk vs. inherent risk Practical approach to auditing companies where controls are minimal or not adequately documented Detailed discussion and examples of risk assessment procedures and alternative approaches

Designed For:

CPAs.

Prerequisties:

None.