Audit Procedures in Response to Risk

Do you ever wonder why the team assigns you a specific procedure during an audit? Or why the engagement team requests you perform that procedure in the first place? Well, every audit procedure has a specific purpose and has been designed to address a risk of material misstatement! This response to risk CPE course (1.0 CPE) teaches you the requirements for designing and implementing a response (i.e., an audit procedure) to address risks of material misstatements. It is fun, easy to understand, and full of practical examples to help you master the guidance.

Specifically, we’ll discuss the nature, timing and extent of responses, as well as the various types of responses. You definitely want to “perform” this course as inappropriately designed procedures may lead to an inappropriate audit opinion! Topics covered include:

• Overview and reminders of the audit process and applicable guidance
• The design and implementation of responses
• Audit procedures
• Evaluating audit evidence

This response to risk CPE course covers the following U.S. GAAS and PCAOB standards: AU-C 330 and AS 2301.

In conclusion, this course is a must for any auditor who audits financial statements under either U.S. GAAS or PCAOB standards! Make sure you and your firm are doing all you can to minimize inspection findings and maximize audit efficiency with this response to risk CPE course.

Interested in group discounts for your firm or team? Contact us to learn more.

 By the end of this course, you should be able to: 

• Recognize the various considerations and requirements for responding to risks, including the design and implementation of audit procedures at the assertion level