Auditing standards require auditors to assess risk—including controls—and use that assessment as a foundation for performing the audit. Risk assessment is not just a technical GAAS requirement, it has a direct impact on realization.
Individual auditors and audit teams who wish to improve the effectiveness and efficiency of their engagements. Audit firms that have identified weaknesses in their audit risk assessment process.
After attending this presentation you will be able to...
- Identify characteristics of the client’s business and industry that are most relevant for assessing audit risk
- Identify the client’s key controls and assess their ability to mitigate risk
- Link the elements of the risk assessment model to an overall assessment of risk and the design of further audit procedures.
The major topics that will be covered in this class include:
Each element of the risk assessment process:
- Understanding the client’s business and industry in which it operates
- Internal control
- Assessing the m
Basic understanding of the audit risk model.