Applying Risk Assessment Standards to Smaller Business Audits

This course reviews risk assessment requirements and provides examples and models demonstrating how such requirements may be implemented in practice. The course also provides resources to enable auditors to scale documentation of risk assessment and other procedures for audits of financial statements specifically to suit the needs of smaller businesses. The examples and models are based on actual documentation of audits smaller, non-complex entities and may be applied by professionals auditing both commercial for profit businesses and not-for-profit entities.

Objectives

• Describe risk assessment requirements
• Demonstrate how to implement the requirements in practice
• Apply risk assessment requirements to smaller business audits

Highlights

• Examples and models based on actual audits of smaller, non-complex entities
• Learn about scaling documentation for such entities and eliminating documentation redundancy

Who Will Benefit

• All auditors who face the challenges of applying the risk assessment requirements to smaller business/non-public audits.

Prerequisite: None

Advanced Preparation: None