Where Do They Go Wrong? – Using Risk Assessment To Improve Audit Effectiveness

Mark Dauberman, CPA

Mark Dauberman

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

2 Credits

$20

Subject Area

Auditing

Webinar Qualifies For

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

2 CPE credit for Internal Audit Practitioner (IAP)

2 CPE credit for Certified Management Accountants (CMA)

2 CPE credit for Certified Internal Auditors (CIA)

2 CPE credit for Certified Fraud Examiners (CFEs)

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

2 CPE credit of Auditing for all CPAs

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

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

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

Overview

  • Major subjects
    4 mins
  • COSO'S Five Components
    17 mins
  • Control Activities - The Way Things Are Done
    33 mins
  • Documenting Understanding of Existing Systems
    56 mins
  • Internal Control Rat
    72 mins

Course Description

All CPAs obtain and document an understanding of their audit clients’ systems of internal control over financial reporting.  Very few, however, use that information as a basis for reducing the amount of effort required to complete the engagement, and improve the effectiveness of the engagement by directing the auditor’s focus to items representing high risk of material misstatement. One reason for this is a lack of a systematic method for performing the assessment allowing the auditor to identify control deficiencies and evaluate them in relation to one another to determine which are of the highest priority.  In addition, there is the concern that upon testing, controls will prove unreliable, causing the audit to require more, rather than less effort.

This course introduces an approach to obtaining and documenting an understanding that will both improve the audit, making it more effective, and will save the auditor time in the performance of the engagement. 

This online CPE webinar for CPAs covered highlights of the webinar: 

  • Providing tools that can be carried over into subsequent periods improving and simplifying the planning and performance.
  • Identifying effective means for assessing risk, allowing the auditor to identify the items representing the highest risk of material misstatement.
  • Cumulative top-down approach for planning and performing the audit as required by current standards.

Learning Objectives

  • To learn how to efficiently obtain and document an understanding of internal control
  • To identify potential control deficiencies through risk assessment
  • To evaluate deficiencies relative to one another to set audit priorities
  • To identify the order in which to perform audit procedures to benefit from the cumulative top-down approach
  • To develop audit programs eliminating the inefficiencies of commercial checklists

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Senior Accountant
  • Young CPA