2024 Instant Audit? Just Add Risk Assessment

Overview

What would you do if you only had one workday to complete a financial statement audit? How would you optimize just a handful of hours? What would you test? More importantly, what would you minimize or eliminate? Although one day is unrealistically short, it illustrates how risk-based auditing can help auditors optimize professional effort. This course emphasizes the importance of risk assessment for enhancing both the effectiveness and efficiency of audit procedures.

Highlights

• The audit risk model
• Risk assessment
• Linking risks to audit procedures
• Other responses to risks
• Documentation

Prerequisites

A basic understanding of financial statement audits

Designed For

Public accountants who perform audits or employees of organizations who are subject to audits

Objectives

• Understand the audit risk model
• Perform risk assessments
• dentify significant risks
• Adopt a risk-based audit approach

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by ACPEN. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.