Auditing Bits in Bytes™ Session 4: Assessing and Responding to Risk (Included in catalog bundle)
Audits is a series of eight individual sessions that guide professionals through the complete audit process from “A to Z” – starting with Pre-Engagement Planning Activities, and going all the way through Wrap-up and Quality Control.
Attempting to perform an effective and efficient audit can be intimidating and confusing, for new and experienced auditors alike. This series will provide valuable tips and techniques from an experienced auditor that are needed to successfully design and perform financial statement audits in “real-life” circumstances. Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement.
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 procedures (tests of controls for operating effectiveness and substantive audit procedures).
|1. Auditing Bits in Bytes™ Session 4: Assessing and Responding to Risk||-|
Upon completion of this course, participants will be able to:
Describe how to properly identify, evaluate, document and respond to risks of material misstatement due to either fraud or error
Recognize best practices for effective and efficient engagement team discussions and other risk assessment activities
Identify how to link assessed risk of material misstatement to the design of the nature, timing and extent of further audit procedures
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
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 will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement
Field of Study: Auditing
Recommended CPE Credit Hours: 2.0
Course Level: Basic
Prerequisites: Management experience
Designed For: 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
Instructor: Jennifer Louis, CPA
Publication Year: 2017
Expiration Date: Course content is reviewed annually and revised with neccessary changes or else the course is removed.
Jennifer F. Louis, CPA has over 22 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003 she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical and engaging accounting and auditing training.
She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. She currently resides in Vienna, VA.