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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

Friday, May 29, 2020 | 03:00 PM EDT

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

2 Credits


Subject Area


Upcoming Webinars

Course Description

This presentation is an overview of the webinar Title.  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 program addresses the many procedures an auditor is required to perform and document relating to his/her understanding of the entity and its environment.

This webinar 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


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




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.