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(RAA4) Surgent's Ensuring Audit Quality: Performing an Effective Risk Assessment (RAA4)
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Recent auditing standards have emphasized the initial information gathered and important conclusions reached during risk assessment procedures to identify and evaluate risk of material misstatement in a financial statement audit. These important procedures provide the basis for determining how much effort will be invested in evaluating the design and implementation of internal controls. In addition, these procedures provide the rationale for effectively and efficiently designing the nature, timi

8/4/2020
When: 08/04/2020
7:00 AM
Where: Webcast
SURGENT
RAA4-2020-01-WEBNR-217-01
United States
Presenter: Richard Daisley, CPA


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Acronym: RAA4

CPE:  4

Vendor: Surgent

Category:  Auditing (Technical) (4)

Level: Basic

Yellow Book? No

Registration Fees:

Members* $139

Non-Members $159

*The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801-466-8022, Monday through Friday, 8am to 4pm.

 

Course Description: 

Recent auditing standards have emphasized the initial information gathered and important conclusions reached during risk assessment procedures to identify and evaluate risk of material misstatement in a financial statement audit. These important procedures provide the basis for determining how much effort will be invested in evaluating the design and implementation of internal controls. In addition, these procedures provide the rationale for effectively and efficiently designing the nature, timing, and extent of further audit procedures (which includes tests of controls for operating effectiveness and substantive audit procedures).

 

The purpose of this CPE course is to teach auditors on how to utilize a risk-based approach in their engagements to enhance audit quality. Auditors continue to struggle with effective and efficient execution of the Risk Assessment Standards. Common deficiencies include an over-reliance on checklists and inadequate documentation of audit risk assessment, including linkage of audit procedures to the risks they are designed to address. The AICPA Peer Review team continues to see common audit deficiencies relating to risk assessment.

Objectives:

 

Recall key concepts in the risk assessment standards, including various requirements

Recognize how to implement the standards in practice

 

Major Topics:

 

Audit process and planning

Setting materiality

Assessing the risk of material misstatement and the design and implementation of internal controls

Designing procedures to test the effectiveness of controls

Designing procedures to perform substantive procedures

Performing and evaluating interim and year-end tests of control and substantive procedures

Final audit procedures and wrap up

 

Designed For:  All auditors involved in applying the risk assessment requirements

 

Prerequisite:  None

 

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