Description
Financial statement auditors are engaged to provide reasonable assurance that financial statements are not materially misstated, whether due to fraud or error. Professional standards require auditors to obtain sufficient and appropriate evidence to support that opinion. It is critical for effective and efficient auditors to have a clear understanding of all the important elements and concepts related to a financial statement audit.
Highlights
- The reason that entities engage a financial statement audit
- List the applicable financial reporting frameworks available
- Differentiate the responsibilities of management and auditors
- The various phases of a financial statement audit
- Evaluating and documenting audit risk, both at the overall and relevant assertion level
- Case study differentiating high risk audit engagements and higher risk audit areas
Objectives
- Discuss the basis for an audit
- Explain the auditor’s professional responsibilities
- Describe important audit concepts, such as materiality
- Explain the audit risk formula
- Discuss considerations when Identifying and assessing risk of material misstatement
Designed For
Professionals new to auditing