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SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstateme

 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.
 Thu, 06/26/2025 from 10:00 am to 1:30 pm
 Mon, 07/14/2025 from 2:00 pm to 5:30 pm
 Sat, 07/26/2025 from 10:00 am to 1:30 pm
 Tue, 08/26/2025 from 10:00 am to 1:30 pm
 Thu, 09/11/2025 from 2:00 pm to 5:30 pm
 Fri, 09/26/2025 from 10:00 am to 1:30 pm
 Wed, 10/22/2025 from 10:00 am to 1:30 pm
 Fri, 11/14/2025 from 2:00 pm to 5:30 pm
 Wed, 11/26/2025 from 10:00 am to 1:30 pm
Designed For:

External and Internal Auditors; Fraud Examiners

Prerequisite:

None

If you do not understand the entity that you are auditing, you won’t know what type of transactions they should be entering into.  As a result, you won’t recognize those transactions they should not be there.  In other words, you will be performing the audit without having any idea of what you should be looking at.  This statement requires that the auditor document their understanding of the entity and its environment that it operates in as well as assessing the risks of material misstatement.

Prior to this statement, auditors often assessed risk at maximum and did not evaluate internal controls.  A big change made by this statement is that, while it allowed the auditor to continue to assess risk at maximum, they now must first evaluate internal controls in order to have a basis for making such an assumption.  As a result, auditors are now required to document their evaluation of internal controls on every financial statement audit.

This presentation is an overview of the many procedures auditors are now required to perform and document on every audit related to their understanding of the entity and its environment and the basis for assessing the risk of material misstatement.

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

  • Determining Risk
  • Identify and assess the risk of material misstatement either due to error or fraud
  • Distinguishing between an error of a fraud
  • Understanding intent
  • Evaluating the internal control process – When it begins and when it stops
  • Developing risk assessment procedures
  • Understanding the dangerous of complex transactions

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.