DESCRIPTION
This module reinforces the importance of risk assessment to the execution of an effective, efficient audit. The module opens with an interactive review of key terms and concepts involved in risk assessment, including the audit risk model, inherent risk, control risk, and significant risks before moving into a practical case study focused on identifying, assessing and documenting assertion level risks of material misstatements. During the case study, participants will practice working in UEE Central, RA-0, the DAS Risk Library and RA-1.
LEARNING OBJECTIVES
- Define key risk assessment terminology, including risk indicators, significant risks, and identified risks
- Identify and document risks of material misstatement in DAS, including appropriately classifying financial statement level and assertion level risks
- Use best practices for written communication and documentation in DAS to clearly articulate the rationale for risk assessment decisions made
