DESCRIPTION
This module examines how the depth and breadth of information gathered during the understanding of the entity and its environment (UEE) phase shapes the entire audit, from risk assessment through execution. Participants explore the audit procedures used to develop an effective UEE and how that understanding flows downstream in DAS. The module also covers the Account Flow Dashboard and the Ratio Trend Dashboard, giving participants a chance to identify specific ways the dashboards could provide insights into their own client engagements.
LEARNING OBJECTIVES
- Explain the flow of an audit in DAS, including key information that flows downstream from understanding the entity and its environment (UEE) to Risk Assessment to Execution
- Contrast audit procedures used to gather information related to UEE, understanding the entity and its environment, to design an efficient approach that complies with professional standards
- Identify opportunities to utilize the Account Flow Dashboard and Ratio Trend Dashboard in DAS to gain an effective understanding of the entity and its environment
