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Risk Assessment

 
 
2
Registration is Open
VSCPA Members
$99.00 Regular Registration
Non-members
$129.00 Regular Registration
Designed For:

Experienced Staff
New In-Charge Auditors

In this CPE course, we will be taking a deeper dive into the inherent risk and control risk assessment tasks, with an emphasis on what these tasks seek to accomplish and how those tasks drive the overall audit process. Individual firms may use commercial or self-developed templates to document the assessments and procedures performed and evidence examined during this phase of the audit. However, without an understanding of the purpose and importance of these tasks, the mechanics of completing documentation forms can obscure the real purpose of the tasks required when performing an audit.

This dynamic, in-depth course tackles a large body of knowledge in the module and will be completed in three sections. First, we will set the stage for the risk assessment in providing some reminders of the importance of setting a materiality target for the engagement and how the audit strategy, executed by account and relevant assertion, relates to the fundamental inherent and control risk assessments. Next, we will delve into the risk assessment, or inherent risk assessment task, emphasizing and distinguishing entity and auditor tasks and how to properly support with documentation these risk assessments that will drive further audit procedures. Finally, we will review and take a deeper dive into the COSO framework, which is the basis for most systems of internal control assessments.

Delivery Method: Self Study
CPE Credit: Auditing
Program Level: Intermediate

Related Events

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.