The purpose of this course is to teach auditors on how to utilize a risk based approach within their engagements to enhance audit quality. Auditors continue to struggle with effective and efficient execution of the Risk Assessment Standards. Common deficiencies include an over-reliance on checklists and inadequate documentation of audit risk assessment, including linkage of audit procedures to the risks they are designed to address. The AICPA Peer Review team continues to see common audit deficiencies relating to risk assessment.
Topics Discussed:
• Audit process and planning
• Setting materiality
• Assessing the risk of material misstatement and the design and implementation of internal controls
• Designing procedures to test the effectiveness of controls
• Designing procedures to perform substantive procedures
• Performing and evaluating interim and year end tests of control and substantive procedures
• Final audit procedures and wrap up