DESCRIPTION
Using a unique “audit-in-reverse” lens, this module provides a fresh perspective on the importance of the early phases of an audit and offers useful reminders about required risk assessments. Additionally, the module reviews techniques for creating tailored audit programs and audit program steps that are responsive to risk.
LEARNING OBJECTIVES
- • Explain how understanding the entity, risk assessment, and planned audit responses are interconnected
• Evaluate whether understanding the entity procedures were performed with sufficient depth and precision to appropriately inform risk identification and risk assessment
• Design tailored, risk-responsive audit programs and procedures that clearly link back to identified and assessed risks of material misstatement
