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

Description

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.

Highlights

• 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

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

Designed For

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