Description

Conduct risk assessment the right way

Regardless of the size of your client or audit budget, there are specific requirements in accounting standards and generally accepted auditing principles (GAAP) related to auditing internal control for risk assessment purposes.

Learn about the impact internal control has on your audit engagements and how to avoid common audit missteps identified through our peer review.

You'll learn

- The audit risk model

- Auditor responsibilities in risk assessment

- How to correctly evaluate internal control

- The relationship between AU-C 315 and AU-C 330

Instructor: Jennifer Burns,Carl Mayes

Target Audience

Practitioners who perform audit engagements

Course Objectives

Recall the definitions of control, control risk, and what encompasses a client’s internal control.

Recall the intent of AUC section 315A, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, and AUC section 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained, including the interpretation of requirements.

Recognize auditors’ responsibilities when gaining an understanding of a client and their internal control.

Recognize the impact of a client’s internal control on the risk assessment and the nature, timing, and extent of further procedures.

Subjects

The audit risk model

Key steps in evaluating internal control

Missteps in evaluating internal control

Linkage between AUC 315 and AUC 330