Ensuring Audit Quality: Performing an Effective Risk Assessment (4 hours)

Previous Add to Calendar Next

Aug 4, 2020

Registration: 5:30 AM / Program: 6:00 AM - 9:30 AM Pacific Time

Fees

Member Fee: $139.00
Nonmember Fee: $139.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

Recent auditing standards have emphasized the initial information gathered and important conclusions reached during risk assessment procedures to identify and evaluate risk of material misstatement in a financial statement audit. These important procedures provide the basis for determining how much effort will be invested in evaluating the design and implementation of internal controls. In addition, these procedures provide the rationale for effectively and efficiently designing the nature, timing, and extent of further audit procedures (which includes tests of controls for operating effectiveness and substantive audit procedures). The purpose of this CPE course is to teach auditors on how to utilize a risk-based approach in their engagements to enhance audit quality. Auditors continue to struggle with effective and efficient execution of the Risk Assessment Standards. Common deficiencies include an over-reliance on checklists and inadequate documentation of audit risk assessment, including linkage of audit procedures to the risks they are designed to address. The AICPA Peer Review team continues to see common audit deficiencies relating to risk assessment.

Designed For

All auditors involved in applying the risk assessment requirements

Objectives

  • Recall key concepts in the risk assessment standards, including various requirements
  • Recognize how to implement the standards in practice

Major Subjects

  • Audit process and planning
  • Setting materiality
  • Assessing the risk of material misstatement and the design and implementation of internal controls
  • Designing procedures to test the effectiveness of controls
  • Designing procedures to perform substantive procedures
  • Performing and evaluating interim and year-end tests of control and substantive procedures
  • Final audit procedures and wrap up

This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.