Audit Staff Essentials - New Staff Core Concepts: Introduction to the Audit Risk Model

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Audit risk model decoded

Understanding the audit risk model and how it functions is an important part of your work as a new auditor. You can learn how the audit risk model works, including how to use it:

• at the outset of an audit;
• when documenting your work;
• when tabulating evidence regarding procedures and findings; and
• as a tool for peer reviewers and inspectors to determine the sufficiency of procedures performed.

You can also explore how the audit risk model assists with assessing audit risk and familiarize yourself with the important relationship between the model and the audit strategy.

Who Will Benefit

• Recently onboarded staff
• First-year staff
• Firms that want consistent training and level setting

Key Topics

• The audit risk model
• Assessing audit risk
• Assessing inherent and control risk
• Audit strategy

Learning Outcomes

• Recall the audit risk model, its elements, and how it combines risks to assess overall audit risk.
• Recall the relationship between audit strategy and the audit risk model.