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  4. Risk Assessment When Auditing Private Entities 2024

Risk Assessment When Auditing Private Entities 2024

Monday, November 18, 2024
Webcast or Webinar, Online
11:00AM - 2:30 PM (opens at 10:30AM) EST
4Credits

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$159.00 Regular Price
Non-Members
$209.00 Regular Price
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Course Type: Webcast
Course Code: 24/8125229
Level: Basic
Vendor: California CPA Education Foundation
Field of Study: Auditing

Overview:

Auditors identify and assess the risks of a material misstatement by understanding the entity and its environment. Privately owned companies present unique challenges. During this course, we'll examine: Do identifiable controls exist? Do owners/managers promote compliance with company policies? Do owners/managers document controls and communicate them to staff? Are these controls observable? Can they be tested for operating effectiveness? Do owners/managers monitor employee performance and evaluate the controls in place?

Objectives:

• Recognize high-risk areas applicable to private companies • Determine the best approach to deal with private company shortcomings in control activities • Identify the appropriate risk assessment procedures in the circumstances

Major Topics:

• Review of applicable auditing standards for risk assessment • Update for SAS #145 • Identification and discussion of high-risk audit areas • Discussion and analysis of control risk vs. inherent risk • Practical approach to auditing companies where controls are minimal or not adequately documented • Detailed discussion and examples of risk assessment procedures and alternative approaches

Major Topics:

• Review of applicable auditing standards for risk assessment • Update for SAS #145 • Identification and discussion of high-risk audit areas • Discussion and analysis of control risk vs. inherent risk • Practical approach to auditing companies where controls are minimal or not adequately documented • Detailed discussion and examples of risk assessment procedures and alternative approaches

Designed For:

CPAs, accountants and auditors.

Prerequisites:

None

 

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