Engagement risks can be defined as one of the most important risks that need to be considered when it comes to designing audit processes and procedures for the engagement parties.
Engagement risk is defined as the overall risk that is associated with an audit engagement process. Engagement risk is important in an audit to prevent audit failures and audit mistakes. This course explores the types of risk assessments and their potential impact on the audit.
Publication Date: August 2024
Designed For
Any professional accountant who may be involved with an external audit, an internal audit, a review engagement, or attestation engagement.
Topics Covered
- Audit risks
- Types of audit risks
- Types of engagements where audit risk analysis is critical
- Types of audit risks and their impact
Learning Objectives
- Recognize the importance of analyzing engagement risks correctly
- Recognize the types of engagement risks
- Recognize how to perform a risk assessment analysis
- Identify the date SQMS No. 1 is effective for a firm’s accounting and auditing practice
- Identify the number of components an SOQM addresses which are highly integrated and do not act in a linear manner
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Basic understanding of auditing standards
Advance Preparation
None
Instructor
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.