Audit Staff Essentials - Experienced Staff or New In Charge: Risk Assessment

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Risk assessment deciphered

Understanding the significance of inherent risk and control risk assessment tasks to the overall audit process will enhance your performance of key tasks such as documentation. As an experienced staff member, you can expand your risk assessment knowledge across various areas, including:

• The purpose of risk assessment tasks
• How risk assessment drives the overall audit process
• Brainstorming for fraud and additional risks
• Distinguishing between entity and auditor tasks
• Proper documentation for risk assessment

Materiality and risk assessment

You can also explore the relationship between materiality and risk assessment, including:

• The importance of setting a materiality target
• Considering materiality when executing a group audit
• How the audit strategy relates to the fundamental inherent and control risk assessments

Other risk assessment considerations

You can also deepen your understanding of:

• The COSO framework as the basis for most systems of internal control assessments
• The role of audit data analytics in the risk assessment process

Who Will Benefit

• Experienced staff
• New in-charge auditors
• Firms that want consistent training and level setting

Key Topics

• Audit process
• Audit strategy
• Risk assessment
• Materiality
• System of internal control
• COSO
• Audit data analytics

Learning Objectives

• Determine the relevance of risk assessment procedures in gathering evidence to direct audit efforts and support the audit opinion, including establishing a proper audit materiality.
• Identify key points related to the auditor’s requirements regarding the system of internal control as part of a financial statement audit.
• Identify the relevant information regarding the COSO framework.
• Determine the potential of audit data analytics in risk assessment procedures.