Identifying Audit Risks - Compliance and Going Concern Issues
Author: Kelen Camehl
| CPE Credit: |
1 hour for CPAs |
This course addresses red flags auditors should be mindful of in compliance audits, cybersecurity evaluations, and going concern assessments. Topics include how to spot violations of legal and regulatory requirements, signs of inadequate cybersecurity measures, and how to evaluate the going concern assumption in light of financial difficulties or operational risks. The course also discusses how auditors can respond to these red flags and ensure that potential issues are identified early, protecting both the organization and its stakeholders from future risks.
Publication Date: March 2025
Topics Covered
- Going Concern Assessments and the Auditor's Responsibility
- Key Financial and Operational Red Flags
- Red Flags Related to Management’s Plans to Mitigate Going-Concern Risks
- Audit Techniques to Assess the Adequacy of Going-Concern Disclosures
- Cybersecurity Risks and the Increasing Importance of IT in Audits
- Key Cybersecurity Red Flags
- Effectiveness of an Organization’s Cybersecurity Controls
- Potential Data Breaches or Weaknesses in IT Governance
- Integrating Cybersecurity Assessments into the Overall Audit Process
- Compliance Audits and the Risks Involved in Regulatory Non-Compliance
- Red Flags Suggesting Potential Violations
- Identifying Patterns of Non-Compliance
- Monitoring Changes in Laws and Regulations
- Role of Auditors in Communicating Compliance Risks to Stakeholders
Learning Objectives
- Recognize red flags in compliance audits that suggest potential violations or regulatory risks
- Identify cybersecurity risks and indicators of inadequate protection measures
- Determine when going concern issues require further assessment or disclosure
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
