DESCRIPTION
During this interactive, engaging module, participants will receive an overview of the audit process, while identifying key phases and the typical order in which the key phases are completed. Participants will also investigate the specific purpose, required elements, and required audit procedures related to understanding the entity and its environment and how they can utilize curiosity to help dive deeper and improve their documentation and risk assessment.
LEARNING OBJECTIVES
- Identify critical information to be gathered and methods to be applied in understanding the entity, along with potential risks of material misstatement
- Explain how information obtained during understanding the entity and its environment impacts risk assessment and the overall audit plan.\
- Discuss the importance of intentional curiosity in developing an understanding of the entity and its environment.
