External and Internal Auditors; Fraud Examiners
This presentation is an overview of the statement. An auditor may perform an audit in accordance with all of the standards (except AU 315) and still perform a substandard audit. If one does not know the usual types of transactions an entity has, one will not recognize an unusual transaction because they failed to obtain an understanding of the entity and the environment it operates in. Even the environment an entity operates is can create risk of a material misstatement that the auditor must be aware of. This program addresses the many procedures an auditor is required to perform and document relating to his/her understanding of the entity and its environment.