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

4.5 (131)

Dennis Dycus, CFEs, CGFM, CPA, BS

Dennis Dycus

Wednesday, November 20, 2019 | 12:30 PM EDT

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

2 Credits

$40

Subject Area

Auditing

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Course Description

You may perform an audit in accordance with all of the other SASs; however, if you do not understand the entity and the environment it operates in, chances are, you performed a substandard audit. You’re like a pilot flying in a fog. You have no idea where you are or where you’re going. This session is designed as an overview of the importance of gaining such an understanding of your client and the environment it operates in; how to use such in determining where the risk of material misstatements are and; developing audit procedures to reduce those risk to an acceptable level. 

Learning Objectives

  • Develop an understanding of the control environment
  • Discuss the concept of materiality both qualitatively and quantitatively
  • Apply professional skepticism
  • Differentiate between a fraud and a dumb mistake
  • Determining audit risk

Who Should Attend?

  • Accounting Firm
  • Auditors
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Young CPA

Testimonial

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(
    [no_of_record] => 131
    [average] => 4.4504
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4.5

(131)
56%
36%
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.