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.

Prerequisites

None

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

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