Audit 105: The Audit Risk Model - Foundational Principles

Overview

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. Professional standards require auditors to obtain sufficient and appropriate evidence to support that opinion. It is critical for effective and efficient auditors to have a clear understanding of all the important elements and concepts related to properly identifying, evaluating, and deciding how to respond to risk in a financial statement audit. Note: This course is recommended as a part of a 16-hour audit skills curriculum for beginning auditors, while it is also appropriate for anyone who has the need to understand the foundational principles of the audit risk model. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

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

Designed For

Professionals requiring knowledge of fundamental audit concepts

Objectives

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