The Audit Risk Model - Understanding Foundational Principles is a critical foundational course. Financial statement auditors are engaged to provide reasonable assurance that financial statements are not materially misstated, whether due to fraud or error.
DESIGNED FOR
Professionals requiring knowledge of fundamental audit concepts
BENEFITS
Upon completion of this course, you will be able to...
- Identify the basis for an audit
- Recall the auditor's professional responsibilities
- Differentiate the responsibilities of reporting entity management and auditors
- Recognize important audit concepts, such as materiality
- Recall the foundational principles of the audit risk formula
- Identify considerations when Identifying and assessing risk of material misstatement
HIGHLIGHTS
The major topics covered in this course include:
- The reason that entities engage a financial statement audit
- The applicable financial reporting frameworks available
- The various phases of a financial statement audit
- Evaluating and documenting audit risk, both at the overall and relevant assertion level
- Case study differentiating high-risk audit engagements and higher-risk audit areas
PREREQUISITES
None
ADVANCE PREPARATION
None