Surgent's Assessing Risk for a Higher Quality Audit (Audit Skills Tr Lev4)

 

   

 

 
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Overview

3.0 Credits

The biggest factors that lead to an effective and efficient financial statement audit are the properly identification, evaluation, and response to risk of material misstatement. Assessed risk of material misstatement leads to the generation of the nature, timing and extent of further audit procedures. This module will focus on how to enhance the engagement team brainstorming and discussions to leverage knowledge to create a high-quality and profitable audit approach.

Objectives

  • Link risk assessment to the detailed audit plan
  • Determine the most appropriate nature, timing and extent of audit procedures for maximum effectiveness and efficiency
  • Explain engagement planning meeting best practices

Major Topics

  • Overview of the audit process
  • Linking risk of material misstatement to the detailed audit plan
  • Tailoring standard audit programs based on assessed risk
  • Engagement team discussion agenda items and best practices
  • Evaluating the appropriateness of audit evidence
  • Common efficiency considerations by audit area

Designed For

Accountants with responsibility for ensuring a high quality and profitable audit engagement

Prerequisite

Experience on basic audit engagements
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