Understanding the Entity and Assessing Risk - Part 2

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 a continuation of Part 1 of this course, you will be shown how to use your understanding of the client and its internal control design to assess risk and design an appropriate audit response. You'll also learn how to evaluate audit results.
Learning Objectives
  • Use your understanding of the client and its internal control to assess the risk of material misstatement
  • Design further audit procedures, based on your risk assessments
  • Evaluate audit results
Key Topics
  • Gaining an understanding of the entity's internal controls
  • Designing procedures of internal controls
  • Use of risk assessment in planning testwork
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.
$ 85.00
AICPA Member Price: $ 69.00
Course is unavailable for purchase.
NASBA Field of Study
CPE Credits
Delivery Method
QAS Self-Study
Advance Preparation
Last Updated