Risk Assessment: Identifying and Assessing Risks of Material Misstatement
Description
Auditors identify and assess risks of material misstatement to provide a basis for designing audit procedures to respond to these risks. If only it were as simple as it sounds! This risk assessment CPE course (1.5 CPE) begins with the foundational concepts of risk and risk assessment and then discusses how to identify risks. Identifying risks involves a thorough understanding of the entity and its environment, the applicable financial reporting framework and system of internal control, which are all discussed along with the related risk assessment procedures. Once risks are identified, auditors must then assess these risks using the inherent risk spectrum to determine whether risks rise to a level of significant risk. The course concludes with a discussion of other considerations related to the risk assessment process, including the required stand-back assessment requirement, revision, and documentation.
This risk assessment CPE course covers the following U.S. GAAS and PCAOB standards: AU-C 315 and AS 2110.
Topics covered include:
- Risk assessment procedures
- Identifying risk
- Identifying risks of material misstatement (RMMs)
- Assessing risk
- Other considerations
Proper risk assessment is the foundation to any audit plan. Take this risk assessment CPE course today and ensure your audits get off to the right start. This course is easy to understand, full of practical examples and insights, and engaging!
Interested in group discounts for your team or firm? Contact us to learn more.
Learning Objectives
By the end of this course, you should be able to:
- Recognize auditor considerations when identifying and assessing risks
- Recall the concepts of assessing inherent risk and significant risks, including the inherent risk factors
Additional Information
| Last Updated | 10/04/2023 |
|---|---|
| CPE Credit | 1.5 |
| Field of Study | Auditing |
| Instructional Delivery Method | QAS Self Study |
| Knowledge Level | Overview |
| Prerequisites | None |
| Advanced Preparation | None |
| Expiration | This course, collection, or subscription expires one year from the date of purchase. The post-course assessment for each course must be satisfactorily completed, as evidenced by a passing grade of at least 70%, by the expiration date to be awarded any qualifying continuing professional education (CPE) credit. |
| Refund or Cancellation Policy | For more information regarding refunds, concerns, and program cancellation policies, please contact the GAAP Dynamics Support Team via email at support@gaapdynamics.com or call (804) 897-0608. |
$180
1h 30m
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