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SAS NO. 122, AU 315, UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISK OF MATERIAL MISSTATEMENT

  • CRMA
  • CFF
  • CIA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CFE
SAS NO. 122, AU 315, UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT AND ASSESSING THE RISK OF MATERIAL MISSTATEMENT

2 Credits

$20

Subject Area

Auditing

Webinar Qualifies For

2 CPE credit of Auditing for all CPAs

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

An auditor may perform an audit in accordance with all of the standards (except AU 315) and still perform a substandard audit.  If one does not know the usual types of transactions an entity has, one will not recognize an unusual transaction because they failed to obtain an understanding of the entity and the environment it operates in.  Even the environment an entity operates is can create risk of a material misstatement that the auditor must be aware of.  This webinar addresses a number of procedures an auditor is required to perform and document relating to his/her understanding of the entity and its environment.

Highlights of the webinar : 

  • Entity’s Risk Assessment Process
  • Risks That Require Special Audit Consideration
  • Revision of Risk Assessment
  • Risk Assessment Procedures and Related Activities
  • Entities' Selection and Application of Accounting Policies
  • Risk of Failure
  • Nature and Characteristics of Internal Control
  • Components of Internal Control

This webinar will provide an understanding of - 

  • Your client and the environment it operates in
  • How to use such in determining where the risk of material misstatements are
  • Developing audit procedures to reduce those risk to an acceptable level.

Learning Objectives

  • To recall the understanding of the control environment
  • To recognize the concept of materiality both qualitatively and quantitatively
  • To identify ways of applying professional skepticism
  • To differentiate between a fraud and a dumb mistake
  • To identify ways of determining audit risk

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Auditors
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • VP Accounts
  • Young CPA

Testimonial

4.5

(133)
57%
35%
5%
2%
1%

TB

Speaker was well prepared to cover the many technical aspects of detecting fraud and used examples to make the subject interesting and easy to follow. Thank You Dennis for providing all the relevant information.

AM

It is always good to learn more, anytime I have a seminar I learn something new. Excellent, Informative, Pertinent !

TL

Good Webinar ! I will share the handouts with my coworkers. This course contained a lot of thought-provoking points, and I think the information was so important that this course could have lasted even longer.

CM

Excellent presentation! This is such an important topic for all businesses. Thank you for presenting ! His recommendations for addressing this issue in your company were spot on and very helpful !

KD

Thoroughly enjoyed this webinar. I always love when I learn new things. I thought I knew everything about financial statement analysis. But I was pleasantly surprised after attending this webinar. Thank you Dennis for helping us with new techniques.