CPE Self-Study

New Staff: Core Concepts- Introduction to the Audit Risk Model

  • $89.00-$109.00
    New Staff: Core Concepts- Introduction to the Audit Risk Model Online Access Product #: 161070
    AICPA Member: $89.00
    Non-Member: $109.00

This CPE course can be purchased individually or as part of the Audit Staff Essentials – New Staff: Core Concepts staff-training bundle.

This CPE course will explain the audit risk model and discuss how it is used at the onset of and throughout the audit process.

The audit risk model has a long history in auditing. Its importance has been heightened recently by efforts to assess the quality of audits and determine the sufficiency of audit procedures to achieve a low risk that a material misstatement might exist and be missed by the auditor during the audit process. The audit risk model is a tool that can help peer reviewers and inspectors determine the sufficiency of procedures performed. Engagement teams can do a better job of documenting their work when they consider the structure of the audit risk model and how evidence regarding procedures and findings is tabulated.

Key Topics

  • What is the audit risk model?
  • Audit strategy
  • The key role of assertions
  • Using assertions in an audit

Learning Objectives

This course will prepare you to do the following:

  • Recall the audit risk model and its elements and how the audit risk model combines risks to assess overall audit risk
  • Recall the relationship between audit strategy and the audit risk model
  • Identify the assertions used in auditing

Who Will Benefit

  • Recently onboarded staff
  • First-year staff
  • Firms that want consistent training and level setting


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When you log into this website with your AICPA member user account, click here to obtain the discount code to enter during checkout. Should you have any questions or encounter any issues, please contact the AICPA Service Center at 888-777-7077 or service@aicpa.org.

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System Requirements

About the Authors

Lynford Graham, CPA, Ph.D., CFE

Lynford Graham, CPA, Ph.D., CFE is a CPA with more than 35 years of audit practice and policy development experience. He is a Visiting Professor of Accountancy at Bentley University in Waltham MA. Dr. Graham is a member of the AICPA, and a past member of the Auditing Standards Board. He chaired the AICPA’s Assessing Audit Risk Guide the AICPA Audit Sampling and AICPA Revenue Recognition (Topic 606 – Auditing Chapter) Guide Task Forces.

He was a Partner and the National Director of Audit Policy for BDO, LLP. Prior to that, Dr. Graham was an Associate Professor at Rutgers University. Before Rutgers, he was a National Accounting & SEC Consulting Partner at Coopers & Lybrand, responsible for technical issues research, auditing research and sampling.

A Certified Fraud Examiner, in 2002 he received the Distinguished Service Award from the Auditing Section of the AAA. He is a co-author of several award-winning academic research papers. Dr. Graham holds an MBA and Ph.D. from the University of Pennsylvania, (Wharton School). He is the editor of The Accountant’s Handbook – 12th Edition (Wiley, 2012) and Internal Control: Audit and Compliance (Wiley, 2015).

Tom Noce, CPA, CFE

Tom Noce, CPA, CFE is a CPA licensed in California and New Jersey with over 37 years of experience in the field of public accounting, including eight years as a partner in a midsized firm. He is a graduate of Rutgers University. Tom began his independent practice in September 2003. His primary industry focus is in audit, accounting, and taxation services for construction and real estate clients. Tom is also a Certified Fraud Examiner and provides fraud prevention and detection, forensic accounting services, and litigation support to clients in a number of industries.

As an experienced author, instructor, and lecturer, Tom writes and teaches continuing professional education for CPAs. He chaired the 1st and 2nd Annual Fraud Conferences and 1999 and 2000 Audit and Accounting Conferences, sponsored by the California CPA Education Foundation. Since 1999, he has authored and presented more than 15 courses for the California CPA Education Foundation, the AICPA, and other providers. Tom was honored with the California CPA Education Foundation’s Award for Instructor Excellence in 2004 & 2010.

Tom lives and practices in Palm Springs, California. He is an accomplished woodworker and enjoys spending his spare time in his workshop.

About the Publisher


About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.