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Risk Assessment and Introduction to Internal Control - Audit Staff Essentials, Level I

Author/Moderator: Joanne Flood, CPA-MBA
Publisher: AICPA
Availability: Online Access
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Description

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Save when you buy the complete Audit Staff Essentials, Level 1 – New Hire bundle.

The Risk Assessment Standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify risks to the entity's business and the controls in place to mitigate them.

This course emphasizes the key requirements of the standards. It also provides an overview of the risk assessment process your overall audit response to assessed audit risk, and further audit procedures in response to those risks.

Topics Discussed:

  • Overview of Risk Assessment Standards
  • Steps to assess risk and procedures designed to respond to risk
  • Identifying controls related to risk assessment

Learning Objectives

  • Understand the key steps involved in assessing and responding to risk in a financial statement audit
  • Apply a working knowledge of key definitions and concepts necessary to implement the risk assessment standards

Prerequisite: 0-6 months experience

Advanced Preparation:  None

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NASBA Field of Study: Auditing
Level: Basic
Recommended CPE Credit: 2
Risk Assessment and Introduction to Internal Control - Audit Staff Essentials, Level I
Individual CPE
CPE On-Demand
Product# 150094
Availability: Online Access 1 Year
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AICPA Member:$69.00
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