DESCRIPTION
This module provides participants with an understanding of four primary assurance services (audits, reviews, compilations, and preparations), including the differences in procedures performed for each level of service and the resulting level of assurance provided. Through an interactive case study, the module provides participants with experience working through each phase of the audit process. In addition to following the audit process, participants will need to apply critical thinking and professional judgment to gather information, assess risk, and design responses to the identified risks.
LEARNING OBJECTIVES
- Define the four types of assurance services, including key requirements for each service
- List and describe the purpose and outcomes of the major phases of an audit
- Differentiate between the types of risks associated with an engagement and how they are assessed.
