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Audit Standards Update: Clarifying Risk Assessment (4151060E)
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Risk assessment is the core principle of the profession's audit standards and critical to conducting an effective and efficient audit. With peer review results in and more than few years' worth of experience under the profession's collective belt, it's time to fine-tune implementation of the risk assessment standards. These standards, designed to eliminate the connect-the-dots methodology of checklist auditing and add critical thinking back into the audit process, remain a problem area for many

2/23/2016
When: 2/23/2016
7:30 AM - 3:00 PM
Where: Webcast/Webinar
Presenter: Thomas E. Noce, CPA, CFE
Contact: April Deneault
801-834-6634


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Risk assessment is the core principle of the profession's audit standards and critical to conducting an effective and efficient audit. With peer review results in and more than few years' worth of experience under the profession's collective belt, it's time to fine-tune implementation of the risk assessment standards. These standards, designed to eliminate the connect-the-dots methodology of checklist auditing and add critical thinking back into the audit process, remain a problem area for many firms. The result? Engagement and peer review deficiencies.
This course has been updated for the recently enacted AICPA Clarity Standards that expanded the risk assessment methodology to many new additional audit areas. We'll break down this complex and misunderstood subject into an easy-to-understand, concise systematic approach.
 

Objectives:

Recognize the risk assessment process.
Determine how the standards have affected your audit practice
Identify additional procedural changes requiring firm implementation.
Determine your implementation plan and the procedural and documentation requirements embodied in these standards.
Recognize the impact of recently enacted changes resulting from the AICPA Clarity Project.

Major Subjects:

Assessing the risk of material misstatement.
Audit risk and the risk of material misstatement.
Mandatory risk assessment procedures.
Evaluating internal controls.
Responding to risk assessment with appropriate audit procedures.
Complying with revised and expanded documentation requirements.

 

Designed For:

Auditors and industry CPAs who require an in-depth understanding of the assertion-based approach to audit risk assessment.

Prerequisite:

A working knowledge of audit standards is beneficial, but not critical.

 

Advanced Prep: None

  

Speaker: Thomas E. Noce, CPA, CFE

Vendor: CalCPA

Field of Study: Accounting & Auditing

Level: Intermediate

CPE Credit: 8 Hours

Acronym: ASRISK

 

Registration Fees:

Members: $275

Nonmembers: $375

 

Meet the Speaker:

Thomas E. Noce, CPA, CFE, PFP, is a graduate of Rutgers University with a degree in accounting. Mr. Noce began his career with a large local accounting firm in New Jersey, where he concentrated in auditing and accounting for non-profit organizations and government related agencies. In 1985, he joined a Palm Springs firm where he was a shareholder from 1995 to 2003.  In 2003, Mr. Noce opened his own practice in Palm Springs. His professional experience includes a variety of clients, including tribal entities, hotels, real estate, construction, homeowners associations, country clubs, non-profit organizations and others. His current practice emphasis focuses on tax and accounting issues related primarily to the real estate and hospitality industries. He also performs special engagements dealing with internal controls and fraud prevention and detection.  Mr. Noce has authored and taught a number of courses for the CalCPA Education Foundation and chaired the Foundation's first two Fraud Conferences, as well as two Audit and Accounting Conferences.  In 2004 and 2010 he received the Foundation's Award for Instructor Excellence.  Currently, Mr. Noce presents six courses for the Foundation in the areas of Fraud, Audit and Accounting Standards and Risk-Based Auditing.

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