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Measuring Audit Risks

 Various
 
3.0
Registration is Open
Member Price
$99.00 Regular Registration
Your Price
$129.00 Regular Registration
This course is being offered on multiple dates, listed below. Click the Register button next to your preferred date to register.
 Fri, 06/20/2025 from 12:00 pm to 2:49 pm
 Sat, 06/21/2025 from 11:00 am to 1:49 pm
 Mon, 06/30/2025 from 2:00 pm to 4:49 pm
 Mon, 07/07/2025 from 12:00 pm to 2:49 pm
 Fri, 07/25/2025 from 2:00 pm to 4:49 pm
 Wed, 08/06/2025 from 4:00 pm to 6:49 pm
 Sat, 08/23/2025 from 10:00 am to 12:49 pm
 Wed, 09/10/2025 from 12:00 pm to 2:49 pm
 Fri, 09/26/2025 from 2:00 pm to 4:49 pm
 Wed, 10/08/2025 from 4:00 pm to 6:49 pm
 Fri, 10/24/2025 from 10:00 am to 12:49 pm
 Sat, 11/15/2025 from 12:00 pm to 2:49 pm
 Mon, 11/24/2025 from 2:00 pm to 4:49 pm
 Wed, 12/10/2025 from 4:00 pm to 6:49 pm
Designed For:

External and internal auditor, fraud examiners

Prerequisite:

None

In order not to perform an excessive number of audit procedures (over audit) auditors must perform procedures in order to determine in what areas are there weak internal controls that could result in a risk that the financial statements would be materially misstated and not be detected.  SAS No. 122, AU 300 – 499, Measuring Audit Risk provides guidance as well as required procedures that must be performed in every audit in order to determine the risk of material misstatement.  No longer can the auditor state that they assess the risk of material misstatement at maximum without having a basis for making such assessment.  As a result, the standards now require that the auditor make such an assessment of a material misstatement of the financial statement on every audit in order to have a basis for such assessment.  This program is an overview of the statement documentation requirements in assessing such a risk.

Delivery Method: Individual webcast
CPE Credit: Auditing
Program Level: Intermediate

Sponsors

For Technical Support: 
Please contact the ACPEN Help Desk at (877) 602-9877, [email protected]   or visit https://vscpa.acpen.com/Support/. The Help Desk is available by phone 24/7, 365 days a year. Allow 1 business day for email

Objectives

  • Plan the audit objective
  • Determine the scope, timing and direction of the audit
  • Understand the importance of SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement
  • Evaluate the Tone At the Top
  • Recognize how the Tone At the Top relates to audit risk
  • Distinguish between a significant risk and a material risk
  • Apply the concept illustrated by The Big Monkey Theory
  • Documenting the process of determining audit risks

Speakers

Advanced Preparation

None

Vendor

The Virginia Society of CPAs (VSCPA) 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: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call (800) 733-8272.