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Audit Standards Update: Clarifying Risk Assessment 4171060B
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With peer review results in and more than a 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.

 Export to Your Calendar 8/29/2017
When: 9:30 AM to 5:30 PM
Where: Webcast
CALCPA
4171060B
United States
Presenter: Thomas E. Noce, CPA, CFE
Contact: April Deneault
801-466-10351


Online registration is available until: 8/29/2017
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Curriculums:   Auditing,Fraud,Business and Industry,Finance, Financial Management. and Controllership,Peer Review

NASBA Credit Category:  Auditing

CPE Hours:  8

Description

With peer review results in and more than a 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 AICPA Clarity Standards that expanded the risk assessment methodology to new additional audit areas. Break down this complex and misunderstood subject with an easy-to-understand approach.



Major Subjects

  • Assessing 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.

Objectives

  • Understand the audit risk model.
  • Determine how the standards affect your audit practice.
  • Identify additional procedural changes requiring firm implementation.
  • Determine an 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.

Level:  Intermediate

Designed For

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

Advanced Prep:

None.

Prerequisite

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

Price:

Members: $245

Nonmembers: $375

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