DESCRIPTION
This module provides participants with an overview of the Audit Process from planning to financial statement reporting. The module opens with an overview of audit risk concepts, including types of risk and the factors involved in the Audit Risk Model. To practice the audit risk concepts further, participants will also review a tailored audit program for an audit area typically prepared by new hires and consider how the engagement team selected and designed those audit procedures.
LEARNING OBJECTIVES
- Describe the major steps and phases of an audit
- Summarize the requirements of understanding the entity (“UTE”) and procedures commonly used in gathering information during UTE
- Define the audit risk model and various types of risks, including assertion level risk, financial statement level risk, inherent risk, and control risk
- List key information contained in the risk assessment summary form and how that information could influence the audit
