Measuring Audit Risks
Online
3.00 Credits
Member Price $99.00
Non-Member Price $129.00
Overview
In order not to perform an excessive number of audit procedures (over audit) auditors must perform procedures in order to determine in what areas are there weak internal controls that could result in a risk that the financial statements would be materially misstated and not be detected. SAS No. 122, AU 300 – 499, Measuring Audit Risk provides guidance as well as required procedures that must be performed in every audit in order to determine the risk of material misstatement. No longer can the auditor state that they assess the risk of material misstatement at maximum without having a basis for making such assessment. As a result, the standards now require that the auditor make such an assessment of a material misstatement of the financial statement on every audit in order to have a basis for such assessment. This program is an overview of the statement documentation requirements in assessing such a risk.
Objectives
- Plan the audit objective
- Determine the scope, timing and direction of the audit
- Understand the importance of SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement
- Evaluate the Tone At the Top
- Recognize how the Tone At the Top relates to audit risk
- Distinguish between a significant risk and a material risk
- Apply the concept illustrated by The Big Monkey Theory
- Documenting the process of determining audit risks
Highlights
- The planning process – When it starts and when it ends
- Determining the audit objectives
- The importance of the nature, timing and extent of the audit process
- The importance of professional skepticism
- The preliminary engagement activities
- Documentation of audit risk
- Determining materiality
Designed For
External and internal auditor, fraud examiners
Prerequisites
None
Preparation
None
Notice
Your webinar can be accessed via https://ctcpas.acpen.com/Account/loginhttps://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.
Leader(s):
Leader Bios
Dennis Dycus
Dennis F. Dycus, CPA, CFE, CGFM, Trainer, Consultant, Public Speaker has recently retired after 39 years with the Office of the Comptroller of the Treasury of the State of Tennessee as the Director of the Division of Municipal Audit where I was responsible for the audits of all local governments in Tennessee, with the exception of counties and their affiliated, units as well as conducting investigations related to fraud, waste, and abuse in local governments. For the last several years he has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Canada and Europe, for organizations such as the Association of Certified Fraud Examiners; the American Institute of Certified Public Accountants; numerous state CPA societies; the Government Finance Officers Association; the Association of Government Accountants; the National Association of State Auditors, Comptrollers and Treasurers; Westcott Communications, Inc.; Western CPE; Accounting Continuing Professional Education Network; the Organization for Security and Co-Operation in Europe; IBM; HCA; NYC Presbyterian Hospital; Saturn, Inc.; Chrysler; Securities and Exchange Commission; the U.S. Department of Labor; U.S. Environmental Protection Agency; the Government Accountability Office; U.S. Office of Management and Budget; the Internal Revenue Service; US Bankruptcy Trustees; Bisk Education, Inc.; Nichols Education, Inc.; Symbion, Inc.; numerous state audit organizations; local ACFE, AGA and state CPA chapters; and individual professional firms. He frequently speaks at colleges and universities as well as various professional conferences, both on a local and national level. Dennis is a member of the AICPA; TSCPA; GFOA; TGFOA; ACFE (charter member), Middle Tennessee Chapter ACFE –Past President, current President Emeritus; AGA; Middle Tennessee Chapter AGA – Past President and he has authored articles related to the detection and prevention of fraud for several national publications. He attended Western Kentucky University, with a BS in Accounting, Class of 1969 and in 1986 he graduated from the Tennessee Government Executive Institute (TGEI).
Non-Member Price $129.00
Member Price $99.00