Surgent's Performing an Effective Audit Risk Assessment

Course Details

Date

Thursday, January 2, 2025

8:00am – 11:30am

Field of Study

Auditing (Governmental)

Course Number

SU0014

CPE Credit

4.0 hours CPE credit

Level of Knowledge

Basic

Vendor

Surgent McCoy CPE, LLC

Prerequisites

None

Description

Recent feedback from peer reviewers and regulators has emphasized the importance of performing an effective risk assessment to identify and evaluate the risk of material misstatement in a financial statement audit. Risk assessment procedures include obtaining an understanding of the entity, performing preliminary analytical procedures, making fraud inquiries, evaluating the design and implementation of internal controls, and determining how much reliance an auditor will place on those controls. The results of the risk assessment process provide the auditor with the information needed to create an audit strategy and an audit plan.

In October 2021 the Auditing Standards Board issued SAS 145 which amends the current risk assessment guidance and makes certain changes to other standards. The amendments clarify confusion that the AICPA believes auditors experienced under the existing standard and also conforms, for the most part, to the IAASB standard on the same topic. SAS 145 is effective for December 31, 2023 audits. Early implementation is permitted.

This course will focus on how to perform the risk assessment process under the new standard providing participants with a summary of the changes to existing guidance. The course will also touch on performing a risk assessment in a virtual environment. Finally, the course will discuss linking the results of the risk assessment to further testing (internal control and substantive testing) and procedures performed in concluding on the evidence obtained.

Highlights

  • 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
  • Challenges in performing audit procedures in a virtual environment
  • Performing and evaluating interim and year-end tests of control and substantive procedures
  • Final audit procedures and wrap up

Objectives

  • Recall key concepts in the risk assessment standards, including various requirements
  • Recognize how to implement amendments to the existing standards in practice
  • Identify approaches to comply with professional standards while auditing in a virtual environment

Designed For

All auditors involved in applying the risk assessment requirements

Course Pricing

Member Fee

Applicable if you are a HSCPA member in good standing.

$159.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$209.00
Your Price $209.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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