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3.0 Credits

Properly identifying, assessing and responding to risk through a detailed audit plan is critical to an effective and efficient financial statement audit. This module will emphasize the key concepts that drive the risk-based audit process.


  • Explain the importance of risk assessment to a high quality audit
  • Describe the audit risk formula, including how the elements relate
  • Discuss the steps of an effective risk assessment process
  • Link risk to a detailed audit plan

Major Topics

  • Overview of the risk-based audit process
  • How the elements of the audit risk formula interrelate
  • Emphasis on overall risk, fraud risk, and control risk
  • Linking the assessed risk of material misstatement to the detailed audit plan
  • Documenting risk assessment conclusions and responses

Designed For

Accountants who must identify, assess and respond to risk through a detailed audit plan on a financial statement audit.


Familiarity with SASs and FASBs