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Best Practices for Identifying and Evaluating Audit Risk – Linking Risk to the Detailed Audit Plan

  • Accountant
  • CPA (CA)
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CA - ICAEW
  • ACCA
  • CBA/MCBA
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: August, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Benefits of Risk-Based focus
    4 mins
  • Risk Assessment activities
    12 mins
  • Audit risk formula
    23 mins
  • Critical elements of entity and environment that impact risk
    41 mins
  • Alternative risk assessment
    63 mins
  • Link risk assessment to detailed Audit plan
    81 mins
  • Key risk assessment summary points to document
    90 mins

Course Description

The need for companies’ financial statements to be audited by an independent external auditor has been a cornerstone of confidence in the world’s financial systems.

For an efficient and effective audit plan, it is important to:

  • Properly identify the risk
  • To assess the risk identified, and
  • Respond to the risk

Risk assessment is the identification and evaluation of several aspects of an entity whereby risks are identified and evaluated for use in guiding the audit procedures that will be necessary to substantiate the amounts reported in the financial statements. 

This CPE/CPD webinar is a guide for auditors on how best to assess risks when planning audit work.

Major topics covered in this Auditing webinar are:

  • Benefits of the Risk-based Focus
  • Overview of Risk Assessment Process
  • Identifying Risk assessment activities
  • ISA 315 New Concepts
  • Overview of Audit Risk Model
  • Critical elements of entity and environment that impact risk
  • Fraud Triangle
  • Documenting risk assessment conclusions and responses

Join this online CPE course as it will emphasize the key concepts and best practices that drive a thoughtful risk-based approach to form an opinion on the financial statements.

Here is the link to your interests: Accounting & Auditing CPE Courses | Fraud & Forensic CPE Courses

Learning Objectives

  • To explain the importance of risk assessment to a high-quality audit.
  • To describe the audit risk formula, including how the elements relate.
  • To recognize and discuss the steps and best practices of an effective risk assessment process.
  • To identify and link risk to a detailed audit plan.

Recommended For

  • This Online CPE Webinar is recommended for CPA, CIA, IAP, QIAL, CMA, CFF, CFE, CVA, CGFM, CBA/ MCBA, CRMA, CGAP, CFIRS, CWS, Internal Auditors, External Auditors, Accountants, CFOs, and Other Professionals who want to learn how to identify, assess and respond to risk through a detailed audit plan on a financial statement audit. 
  • This CPD course is also helpful for Canadian CPAs, CA - ICAEW, ACCA, CA - Ireland, CA - Scotland, and CPA – Ireland. 

Who Should Attend?

  • Accountant
  • Auditors
  • Certified Senior Advisor
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial CPA
  • Fraud Examiner
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2.5 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 2.5 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2.5 CPD Credit of Auditing for Chartered Professional Accountant (CPA Canada)
  • 2.5 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 2.5 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 2.5 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 2.5 CPE Credit for Certified Government Auditing Professional (CGAP)
  • 2.5 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 2.5 CPE Credit for Certified Management Accountants (CMA)
  • 2.5 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 2.5 CPD Credit for CA - ICAEW
  • 2.5 CPD Credit for Chartered Certified Accountants (ACCA)
  • 2.5 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 2.5 CPD Credit for Chartered Accountants - Scotland
  • 2.5 CPD Credit for CPA - Ireland
  • 2.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2.5 CE Credit for Certified Wealth Strategist (CWS)
  • 2.5 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

Additional details

  • Course Level :
    Basic
  • Credits :
    2.5
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

Presenter

About Presenter

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.

About Company

Emergent Solutions Group LLC

www.emergentgroup.net

Emergent Solutions Group is highly rated in course design and instruction on a wide array of topics, including accounting, auditing, personal development, project management, practice management, and more. Our Services includes : 

1. Developing High-Caliber, Cost-Effective Training Content

2. Revamping or Customizing Existing Training Offerings

3. "On-Call” Instructing and Speaking

4. Training the Trainer

Faq

FAQs content

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