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Identifying and Evaluating Audit Risk (Audit Skills Training - Level 3) (A3M3)

  • Format Self-Study Webcasts
  • Credits 3
  • Level Intermediate
  • Field of Study Auditing (Technical) (3)

Overview

Properly identifying, assessing and responding to risk through a detailed audit plan is critical to an effective and efficient financial statement audit. This module will emphasize the key concepts that drive the risk-based audit process.



Major Topics:

  • Overview of the risk-based audit process
  • How the elements of the audit risk formula interrelate
  • Emphasis on overall risk, fraud risk, and control risk
  • Linking the assessed risk of material misstatement to the detailed audit plan
  • Documenting risk assessment conclusions and responses

Learning Objectives:

  • Explain the importance of risk assessment to a high quality audit
  • Describe the audit risk formula, including how the elements relate
  • Discuss the steps of an effective risk assessment process
  • Link risk to a detailed audit plan

Who should take this course:

Accountants who must identify, assess and respond to risk through a detailed audit plan on a financial statement audit.

Familiarity with SASs and FASBs

None

No

No

No

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