Risk Assessment Deep Dive: How to Avoid Common Missteps

  • Thursday, August 15, 2019 – Thursday, April 30, 2020

  • 3.5

At the core of every audit are the goals of identifying, assessing and responding to risks of material misstatement. Yet, common misconceptions can lead to non-compliance. In this course, you'll learn about the most pervasive issues the Peer Review team has uncovered that you will want to avoid in your practice.


Identify common misconceptions that are leading to non-compliance with AU-C Sections 315 and 330, as relates to:

Identifying risks relevant to the financial statement audit
Assessing your client's risks of material misstatements at the relevant assertion level using professional judgment
Determining responses to identified and assessed risks by selecting or designing further procedures
Recognize how the requirements in the standards should be applied


Misconceptions that are leading to non-compliance with AU-C Sections 315 and 330 related to the following:

Understanding the entity and its environment, including internal control
Assessing the risks of material misstatement
Performing audit procedures in response to assessed risks

Additional Information

Designed For

Financial statement auditors and those part of the audit team involved in risk assessment and testing.


American Institute of CPAs


3.50 Auditing

Course Number


Level of Knowledge


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