Risk Assessment and Introduction to Internal Control
Authored by Joanne Flood, CPA-MBA
About this Course
The Risk Assessment Standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify risks to the entity's business and the controls in place to mitigate them. This course emphasizes the key requirements of the standards. It also provides an overview of the risk assessment process your overall audit response to assessed audit risk, and further audit procedures in response to those risks.
Learning Objectives
Understand the key steps involved in assessing and responding to risk in a financial statement audit
Apply a working knowledge of key definitions and concepts necessary to implement the risk assessment standards
Key Topics
Overview of Risk Assessment Standards
Steps to assess risk and procedures designed to respond to risk
Identifying controls related to risk assessment
Who will it benefit?
New Staff covers key areas to ensure auditors are well prepared to begin their careers. The Audit Staff Essentials Level I courses establish a strong set of core skills necessary for junior staff growth.
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