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Best Practices for Identifying and Evaluating Audit Risk - Linking Risk to the Detailed Audit Plan
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Purchase this course | $90
Properly identifying, assessing, and responding to risk through a detailed audit plan is critical to an effective and efficient financial statement audit. This module will emphasize the key concepts and best practices that drive a thoughtful risk-based approach to forming an opinion on the financial statements.
Major Topics:
- Overview of a risk-based audit process
- How the individual elements of the audit risk formula interrelate
- Emphasis on overall risk, fraud risk, and control risk
- Linking the assessed risk of material misstatement to the detailed audit plan
- Documenting risk assessment conclusions and responses
Learning Objectives
- Explore and explain the importance of risk assessment to a high-quality audit.
- Discover and describe the audit risk formula, including how the elements relate.
- Recognize and discuss the steps and best practices of an effective risk assessment process.
- Identify and link risk to a detailed audit plan.
Last updated/reviewed: March 23, 2024
Included In Certifications
This course is included in the following Certification Programs:
13 CoursesAudit Training Certification - Level 2 - Experienced Staff
- Fraud Risk - Complying with Minimum Audit Requirements
- Best Practices for Identifying and Evaluating Audit Risk - Linking Risk to the Detailed Audit Plan
- Testing Internal Controls - Exploring Strategies for Verifying Operating Effectiveness
- Inquiry and Research - Improving Critical Audit Skills
- Auditing Investments - Understanding Risks and Procedures for the Most Common Investments
- Auditing Accounts Receivable - Focusing Procedures for Testing Existence and Valuation
- Auditing Liabilities, Including Long-Term Debt - Addressing the Risks of Completeness, Classification, and Disclosure
- Substantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives
- Sampling - Avoiding Common Mistakes on Financial Statement and Compliance Audits
- Desired Traits of a Star Performer - Visualizing How to Become an Exceptional Staff Auditor
- Professional Requirements for Assurance Providers, Including Independence - Understanding Critical Code of Professional Conduct Concepts
- Accounting Update - Hot Topics for Preparing Current Period Financial Statements
- Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
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Prerequisites
Course Complexity: Intermediate
No advanced preparation or prerequisites are required for this course.
Designed For: Accountants who must identify, assess and respond to risk through a detailed audit plan on a financial statement audit.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
![Instructor for this course Instructor for this course](https://www.illumeo.com/sites/proformative.com/files/imagecache/user_image_large/pictures/picture-120060-1624953273.jpg)
Jennifer LouisCPA, President of Emergent Solutions Group LLC