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Risk Assessment Standards - Understanding the Entity and Assessing Risk

Author/Moderator: J. Russell Madray, CPA, CIA, CMA, CFM
Publisher: AICPA
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Description

Minimum System Requirements for CD-ROMs
Windows 2000 or above, a minimum video display resolution of 800 by 600 pixels with a minimum color depth of 16-bit (thousands of colors); audio-enabled speakers or headset; 16x CD-ROM drive or faster; Microsoft Internet Explorer version 6 or higher with security settings that allow Java script, shared objects and pop-ups; Macromedia® Flash Player™ version 8 or higher; Adobe® Acrobat® Reader.

The Auditing Standards Board issued 8 new standards, collectively known as the risk assessment standards. These new 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.

In many instances, these new standards are different from past standards or past audit practice. These new risk assessment standards are effective for audits of financial statements for periods beginning on or after December 15, 2006.

This multimedia CD contains three courses that employ interactive case studies, video, printable excerpts and valuable study guides to aid in learning and retention. The courses highlight the differences from current standards or current audit practice.

Part 1: This course provides an overview of the risk assessment process, the key requirements of the new standards and how these differ from current requirements

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

Part 2: In this course, you’ll focus on obtaining an understanding of the client and assessing the effectiveness of internal control design. An interactive, comprehensive case study shows you how to apply the requirements in practice.

Objectives:

  • Design an audit strategy
  • Perform risk assessment procedures to obtain an understanding of your client
  • Determine planning materiality
  • Evaluate the design of the client’s entity-and activity-level controls

Part 3: In the third course, you’ll learn how to use your understanding of the client and its internal control design to assess risk and design an appropriate audit response. You’ll also discover how to evaluate audit results.

Objectives:

  • Use your understanding of the client and its internal control to assess the risk of material misstatement
  • Design an overall audit response and further audit procedures, based on your risk assessments
  • Evaluate audit results

Prerequisite:  None

Table of Contents

Excerpts

Videocourse Details

NASBA Field of Study: Auditing
Level: Basic
Recommended CPE Credit: 7
Important Information on Your CPE Credit
CD-ROM
Product# 738801HS
Availability:In Stock
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