Audit 202: Applying Audit Risk to the Detailed Audit Plan
Overview
Best Practices for Identifying and Evaluating Audit Risk - Linking Risk to the Detailed Audit Plan will emphasize the key concepts and best practices that drive a thoughtful risk-based approach to forming an opinion on the financial statements. Properly identifying, assessing, and responding to risk through a detailed audit plan is critical to an effective and efficient financial statement audit. Note: This course is recommended as a part of a 16-hour audit skills curriculum for experienced staff, while it is also appropriate for anyone who has the need to better understand how to link risk assessments to the detailed audit plan. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Highlights
The major topics covered in this course include:
- Overview of a risk-based audit process
- How the individual 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
Prerequisites
None
Designed For
Accountants who must identify, assess and respond to risk through a detailed audit plan on a financial statement audit.
Objectives
Upon completion of this course, you will be able to...
- Recall the importance of risk assessment to a high-quality audit
- Recognize the audit risk formula, including how the elements relate
- Identify the steps and best practices of an effective risk assessment process
- Link risk to a detailed audit plan
Preparation
None
Notice
This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CPA Crossings. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.
Non-Member Price $139.00
Member Price $89.00