DESCRIPTION
Using memorable metaphors and an interactive escape-room themed class activity, this module covers the definition and application of important terms and key concepts in risk-based auditing, including the audit risk model, significant risks, inherent risk factors and materiality (OFSM).
LEARNING OBJECTIVES
- Describe the audit risk model and the flow of key risk assessment decisions in DAS that drive the design of further audit procedures
- Define key terms relating to risk assessment and materiality in DAS
