Instant Audit? Just Add Risk Assessment

Overview

What would you do if you only had one workday to complete a financial statement audit? How would you optimize just a handful of hours? What would you test? More importantly, what would you minimize or eliminate? Although one day is unrealistically short, it illustrates how risk-based auditing can help auditors optimize professional effort. This course emphasizes the importance of risk assessment for enhancing both the effectiveness and efficiency of audit procedures.

Highlights

• The audit risk model
• Risk assessment
• Linking risks to audit procedures
• Other responses to risks
• Documentation

Prerequisites

A basic understanding of financial statement audits

Designed For

Public accountants who perform audits or employees of organizations who are subject to audits

Objectives

• Understand the audit risk model
• Perform risk assessments
• dentify significant risks
• Adopt a risk-based audit approach

Preparation

None