CPE Credits: 2

Field of Study 1: Accounting & Auditing

Program Level (Basic, Update, Intermediate, Advanced, Overview): Intermediate

Instructional Delivery Method: Group Internet Based

Course Registration Requirements: Online Registration

Refund/Cancellation Policy: Please contact the ACPEN help desk - 1-800-747-1719 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.

Complaint Resolution Policy: Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).

Official Registry Statement: Business Professionals' Network, Inc. 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org

Risk assessment (identification) is the fundamental underpinning of a risk-based approach to auditing.  It is essential that all auditors, from the most junior staff-level new-hire to the highly-experienced partner/engagement owner level, thoroughly understand what is meant by the term “risk” in an audit environment and how audit-related risks are intended to be identified (assessed) in a risk-based audit. The primary purpose of this session is to provide an overview of the risk-identification phase of an audit conducted in accordance with GAAS.  

Topics Covered: Topics addressed in this session include:

-The role of internal control when the auditor does not intend to rely on internal control 

• Internal control as an integral part of the client’s environment. 
• Internal control and risk assessment. 
• Risk assessment procedures.
• Internal control objectives. 
• Internal control components. 
• Extent of required understanding of the internal control system.
• Internal control limitations.
• Assessment of risk based upon an auditor’s understanding of his or her client’s system of internal control.

-Internal control used for risk reduction purposes 

• Circumstances where an auditor would choose to rely on internal control. 
• Design, Implementation, and/or Operational Effectiveness considerations. 
• Procedures employed to audit aspects of a client’s internal control system.
• Basic approaches to sampling internal control policies and/or procedures.
• Evaluation of the results of auditing client internal control policies and/or procedures.

This course is produced and sponsored by Business Professionals' Network, Inc. and the ACPEN Network.  Business Professionals' Network, Inc. is registered with the National State Board of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors under #107810. ... Read More