Experienced Staff/New In-Charge - Risk Assessment

Overview

This CPE course can be purchased individually or as part of the Audit Staff Essentials - Experienced Staff/New In-Charge staff training bundle.

Understand the purpose and importance of inherent risk and control risk assessment tasks, with an emphasis on what these tasks seek to accomplish and how they drive the overall audit process.

Recall the importance of setting a materiality target for the engagement, including materiality when executing a group audit, and how the audit strategy - executed by account and relevant assertion - relates to the fundamental inherent and control risk assessments.

Explore the risk assessment, including brainstorming for fraud and additional risks, emphasizing and distinguishing entity and auditor tasks and how to properly support with documentation these risk assessments that will drive further audit procedures.

Understand the COSO framework, which is the basis for most systems of internal control assessments.

Explore how audit data analytics can be used in the risk assessment process.

Highlights

Key Topics

• Audit Process
• Risk Assessment
• Materiality
• Audit Strategy
• COSO
• Internal Controls

Prerequisites

1-2 years of audit experience

Designed For

Who Will Benefit

• Experienced Staff
• New In-Charge Auditors
• Firms that want consistent training and level setting

Objectives

Learning Outcomes

• Determine the relevance of risk assessment procedures in gathering evidence to direct audit effort and support the audit opinion,including establishing a proper audit materiality.
• Identify key points related to the auditor's requirements regarding internal control as part of a financial statement audit.
• Recall the relevant information regarding the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework.
• Recognize the potential of audit data analytics in risk assessment procedures.