Risk Assessment for Small Business Audits

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  • Location
    • Your Computer
      Your Space
      ISCPA / CPA Crossing Webinar, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Auditing (2.00)
  • Prerequisites
    • Basic understanding of the audit risk model.

  • Vendor
    • CPA Crossings
  • Level
    • Intermediate
  • Fields of Study
    • Auditing
  • Message
    • Virtual Experience

Description

Auditing standards require auditors to assess risk-including controls-and use that assessment as a foundation for performing the audit. Risk assessment is not just a technical GAAS requirement, it has a direct impact on realization. Audit teams that perform a thorough risk assessment are more likely to have high realization engagements than those who go through the motions. This course is designed for small business audit teams. It addresses the risk assessment procedures and responsibilities for each team member and how they fit together to create more effective and efficient audits. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
  • Presented by Michael Ramos
  • Designed For

    Individual auditors and audit teams who wish to improve the effectiveness and efficiency of their engagements. Audit firms that have identified weaknesses in their audit risk assessment process.

    Objectives

    After attending this presentation you will be able to...

    • Identify characteristics of the client's business and industry that are most relevant for assessing audit risk
    • Identify the client's key controls and assess their ability to mitigate risk
    • Link the elements of the risk assessment model to an overall assessment of risk and the design of further audit procedures.

    Highlights

    The major topics that will be covered in this class include:

    Each element of the risk assessment process:

    • Understanding the client's business and industry in which it operates
    • Internal control
    • Assessing the magnitude and likelihood of risk
    • Linking risk assessment to substantive audit procedures

    Advanced Prep

    None

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    Leaders

    CPA Crossing Panel

    No Biography Available

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