The Audit Risk Model: Understanding Foundational Principles

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The Audit Risk Model: Understanding Foundational Principles

Learning Objectives

To discuss the basis for an audit.
To explain the auditor’s professional responsibilities.
To describe important audit concepts, such as materiality.
To explain the foundational principles of the audit risk formula.
To discuss considerations when identifying and assessing the risk of material misstatement.

Course Description

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:

Control Risk
Detection Risk
Inherent Risk

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:

Understanding the Purpose of Financial Statement Audits
Overview of Financial Reporting Frameworks
Roles and Responsibilities in Audits
Distinguishing Management and Auditor Responsibilities
Phases of the Financial Statement Audit Process
Examination of Audit Risk, Materiality, and Assertion-Level Risks

Join this CPE course to understand the Foundational Principles of the Audit Risk Model.

Webinar Qualifies For

2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
2 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
2 CPE Credit of Auditing for Certified Management Accountants (CMA)
2 CPE Credit of Audit Risk for Certification in Risk Management Assurance (CRMA)
2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
2 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
2 CPE Credit of Risk Management for Certified Internal Controls Auditor (CICA)
2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
2 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
2 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
2 CPE Credit of Risk Management for Certified Controls Specialist (CCS)

About Instructor

Jennifer Louis, CPA (US)

President, Emergent Solutions Group LLC

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.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

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Ashley Turney, CPA (US)

I have enjoyed using myCPE it is affordable and easy to navigate and provides a lot of different options on what credits I want.

Jeff Cerankowski, CFE

The instructor did a great job!

Hitender Jain, CFE

Program was specific to US audience

Rich Noreen, CPA (US)

Very good and understandable explanation of how audit risk is established and the importance of the engagement partner's knowledge of the company and industry