The Audit Risk Model: Understanding Foundational Principles 2.5 Credits
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Nov 20, 2024 | 12:30 PM
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An audit risk model is a conceptual tool applied by auditors to evaluate and manage the various risks arising from performing an audit engagement. The tool helps the auditor decide on the types of evidence and how much is needed for each relevant assertion.
The audit risk model indicates the type of evidence that needs to be collected for each transaction class, disclosure, and account balance. It is best determined during the planning stage and only possesses little value in terms of evaluating audit performance.
The three basic components of an audit risk model are:
Managing all these components of the audit risk model isn’t easy.
The audit risk model has been designed to help businesses identify the problems that can occur in audits. Many major accounting-related scandals highlight the importance of these audits. Enron is perhaps the most well-known auditing scandal – and all three of these risks show up in the Enron scandal.
Major Topics Covered in this CPE Auditing Webinar:
Join this CPE course to understand the Foundational Principles of the Audit Risk Model.
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Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003, she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical, and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. Besides loving life on the lake with her husband in Charlotte, NC, she enjoys hiking with her little dog Frodo Beggins, and savoring any precious moments spent with her two young adult boys.
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Well structured review of audit risk and effects on planning the audit.
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