Auditing Bits in Bytes™ Session 4: Assessing and Responding to Risk

Online Course Available 24/7 CPE: 2.0 Format: On-Demand
COURSE DESCRIPTION

This 2-hour session focuses on how to appropriately identify, evaluate, document and respond to risks of material misstatement due to either fraud or error in order to effectively and efficiently design the nature, timing and extent of further audit procedures (tests of controls for operating effectiveness and substantive audit procedures).

Develop a game plan for successful audits, learn more about MACPA’s Auditing Bits in Bytes™.

LEARNING OBJECTIVES
Upon completion of this course, participants will be able to:
Describe how to properly identify, evaluate, document and respond to risks of material misstatement due to either fraud or error
Recognize best practices for effective and efficient engagement team discussions and other risk assessment activities
Identify how to link assessed risk of material misstatement to the design of the nature, timing and extent of further audit procedures
MAJOR TOPICS
Audit Risk Components: Inherent Risk, Control Risk, & Detection Risk – Understanding the underlying intent of each of the components, and key considerations in properly assessing and documenting the basis for conclusions
Identifying & Evaluating Risk – How to synthesize all the information gathered throughout the risk assessment process into a concise summary of risk assessment conclusions
Determining Significant Risks Requiring Special Audit Considerations – What differentiates this type of risk from other types of risks of material misstatement, and what that means in regards to the nature, timing and extent of further audit procedures
Engagement Team Discussion – Common deficiencies in the performance of this required important activity
Linking Assessed Risk of Material Misstatement to the Detailed Audit Plan – How judgment calls directly influence the effectiveness and efficiency of the detailed audit plan
Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement
COURSE DETAILS
PROFESSIONAL AREAS OF FOCUS
Accounting & Auditing
CPE FIELD OF STUDY
Auditing (2.0 Credits)
WHO SHOULD ATTEND
Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards
INSTRUCTOR(S)
Jennifer Louis
PREREQUISITES
None
COURSE LEVEL
Basic

MACPA MEMBER


$ (% off)
$75.00
Price includes $xx early registration discount(s) - expires xx/xx

NON-MEMBER


$ (% off)
$90.00
Price includes $xx early registration discount(s) - expires xx/xx
REGISTER FOR THIS COURSE
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