A Practical Approach to Understanding Audit Risks (Completed)

When the new risk-based audit standards came out, the profession somehow concluded that audit risk was a new concept. This resulted in most firms over implementing those new standards which added significant time to the audit with little or no perceived benefit. This session works to take the mystery out of the standards and offers suggestions for the practical application of these standards for improving the audit quality while being significantly more efficient.

Who Should Attend
CPAs and auditors in public practice.

Topics Covered

• Overview of Audit Risk
• Risk Assessment Standards Revisited
• Top Down Approach to Audit Risk
• Evaluating Internal Control Risk
• Smaller Audit Suggestions

Learning Objectives

• Describe and apply a top down approach to the consideration of audit risk
• Recognize internal control risk in relation to audit planning
• Recognize small company considerations related to audit risk

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
Must be familiar with the basics of audits.

Advance Preparation
None