Attest Engagements and Quality Risk Assessments
Author: Pat Patterson
| CPE Credit: |
2 hours for CPAs |
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
