Applying the Risk Assessment Standards to Enhance Audit Quality
Tuesday, December 12, 2017
The purpose of this webcast is to teach auditors 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.
LEARNING OBJECTIVES When you complete this webcast you will be able to:
Recall key concepts in the risk assessment standards, including various requirements.
Recognize how to implement the standards in practice.
Audit process and planning
Assessing 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