Understanding the Entity and Assessing Risk - Part 1

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. In this course you will focus on how to obtain an understanding of the client and assess the effectiveness of internal control design. Through a comprehensive case study, you'll practice applying the requirements in practice.
Learning Objectives
  • Design an audit strategy
  • Determine planning materiality
  • Perform risk assessment procedures to obtain an understanding of your client
  • Evaluate the design of the client's entity- and activity-level controls
Key Topics
  • Gaining an understanding of the entity and business environment
  • Initial steps in the overall audit
  • Identifying controls related to risk assessment
  • Entity- and activity-level controls and their evaluation
Who will it benefit?
These courses establish a strong set of skills necessary to grow the abilities and confidence of junior and senior level staff, allowing them to work through additional areas more independently.
$ 125.00
AICPA Member Price: $ 99.00
Course is unavailable for purchase.
NASBA Field of Study
CPE Credits
Delivery Method
QAS Self-Study
Advance Preparation
Last Updated