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Applying the Risk Assessment Standards to Smaller Business Audits

Author/Moderator: Richard H. Gesseck, CPA and B. Madeleine Sparf, MS, MBA, CPA
Publisher: AICPA
Availability: In Stock
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Under generally accepted auditing standards, all auditors are required to follow a risk based approach to auditing. Auditors of smaller businesses often complain of being overwhelmed with a seemingly endless number of risk-based checklists and forms to be completed in connection with a financial statement audit. Even after conscientiously completing such checklists many auditors wonder “if they got it right.” The focus of this course is to help you get it right using documentation techniques designed for smaller entities but which may be expanded for larger entities. Throughout the course we’ll enhance your understanding with exercises designed to illustrate how the concepts apply to real-life audit situations.

Topics Discussed:

  • Examples and models of smaller, less complex entities
  • Scaling documentation for eliminating documentation redundancy
  • Assessing risk
  • Substantive procedures
  • Updating interim tests
  • Evaluating misstatements
  • Final overall analytical review
  • Assembling the audit documentation for filing

Learning Objectives:
When you complete this course, you will be able to:

  • Comply with the risk assessment standards and their requirements.
  • Demonstrate how to implement the standards in practice.
  • Apply the standards to real-life audit situations.

Prerequisite: None

Advanced Preparation: None

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Videocourse Details

NASBA Field of Study: Auditing
Level: Basic
Recommended CPE Credit: 8
Applying the Risk Assessment Standards to Smaller Business Audits
Text , 2014
Product# 733578
Availability: In Stock
AICPA Member:$155.00
Your Price:$193.75
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