New Staff: Core Concepts- Introduction to the Audit Risk Model
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.
- What is the audit risk model?
- Audit strategy
- The key role of assertions
- Using assertions in an audit
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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