DESCRIPTION
This module will introduce participants to the further audit procedure testing options and provide guidance on when each type of procedure is effective and efficient. The course will further link the different types of risk (financial statement or assertion level) to the appropriate responses. Through an interactive group exercise, participants will close the module by applying the information covered and designing their own responses to assessed risks for a company.
LEARNING OBJECTIVES
- Explain the strengths and limitations of each type of further audit procedures (tests of controls, substantive analytical procedures, and tests of details)
- Analyze financial statement level and assertion level risks to determine the nature, timing, and extent of appropriate audit responses

