Risk Assessment During the Recovery

Overview

Prepare yourself for common challenges during the pandemic and recovery period by reviewing the risk assessment standard requirements.Prepare to handle new and heightened risks in the wake of the coronavirus pandemic. Understand how to perform high-quality audit engagements by appropriately identifying and responding to the risks of material misstatement.

Several engagements continue to fail to comply with the risk assessment standards. Learn about the most pervasive risk assessment issues the Peer Review team has uncovered and how to avoid them in your practice. Learn how to properly assess risk affecting clients during the coronavirus pandemic.

Objectives

• Identify the most common challenges auditors encounter with respect to AU-C sections 315 and 330.
• Recall the intent of the standards and how the requirements should be interpreted.
• Recognize practical application of the standards in audits of small- to medium-sized entities.
• Identify and access helpful resources to support quality performance.

Highlights

• Misconceptions leading to noncompliance with AU-C sections 315 and 330
• Understanding the entity and its environment, including internal control
• Assessing the risks of material misstatement
• Performing audit procedures in response to assessed risks
• New risks to consider as a result of the COVID-19 pandemic

Designed For

Practitioners who perform audit engagements

Notice

The format for this self-study program is PowerPoint Slides with voice over audio.