CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

SAS No. 122, AU 315, Understanding The Entity and Its Environment and Assessing The Risk Of Material Misstatement

4.5 (133)

Dennis Dycus, CFEs, CGFM, CPA, BS

Dennis Dycus

Tuesday, April 06, 2021 | 02:30 PM EDT

  • CRMA
  • CFF
  • CIA
  • CPA
  • CVA
  • IAP
  • QIAL
  • CFE

2 Credits


Subject Area


Webinar Qualifies For

2 CPE credit of Auditing for all CPAs

2 CPE credit for Certified Internal Auditors (CIA)

2 CPE credit for Qualification in Internal Audit Leadership (QIAL)

2 CPE credit for Internal Audit Practitioner (IAP)

2 CPE credit for Certified Fraud Examiners (CFEs)

2 CPE credit for Certification in Risk Management Assurance (CRMA)

2 CPD credit (Verifiable) for CPA/CFF

2 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

everything you need to know about partnerships


Jul 26, 2021 | 09:00 AM EDT View Details

basis calculations & distributions for pass-thru entity owners schedule k-1 analysis (latest)


Jul 26, 2021 | 09:00 AM EDT View Details

sox internal controls for inventory

Jul 26, 2021 | 09:30 AM EDT View Details

basic concepts of fixed asset accounting


Jul 26, 2021 | 09:30 AM EDT View Details

quickbooks for desktop pc exploring the interface - for beginners


Jul 26, 2021 | 10:00 AM EDT View Details

yellow book boot camp – introduction to nfp and governmental accounting & auditing

Jul 26, 2021 | 10:00 AM EDT View Details

excel accountant: intro to spreadsheets in-depth


Jul 26, 2021 | 10:00 AM EDT View Details

2020 t2 - step-by-step guide preparing t2 return in profile

Jul 26, 2021 | 10:00 AM EDT View Details

workplace culture

Jul 26, 2021 | 10:00 AM EDT View Details

employment law – what will get you sued in 2021


Jul 26, 2021 | 10:30 AM EDT View Details

ethics irs circular 230 - controversy side of circular 230


Jul 26, 2021 | 10:30 AM EDT View Details

s-corp preparation, basis calculations & distributions – form 1120s schedule k & k-1 analysis


Jul 26, 2021 | 11:00 AM EDT View Details

agile auditing


Jul 26, 2021 | 11:00 AM EDT View Details

itemized deduction updates - with examples & case studies (basic overview)


Jul 26, 2021 | 11:30 AM EDT View Details

excel’s data validation tools - keep out bad data from the start


Jul 26, 2021 | 11:30 AM EDT View Details

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


    [no_of_record] => 133
    [average] => 4.4586




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.


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


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.


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 !


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.