DESCRIPTION
This module provides an introduction to the required risk assessment procedures that new hires will likely be performing to assist the audit team in gaining an understanding of the entity and its internal controls, including key planning documents, preliminary analytical procedures, and walkthroughs. The module includes active learning activities focused on identifying controls in a client narrative and documenting walkthrough procedures.
LEARNING OBJECTIVES
- Identify and utilize resources in the audit file for gathering information on the client and its business
- List the four steps process for updating internal control walkthroughs
- Use the four-step process to effectively perform walkthroughs and observations to evaluate the design and implementation of the client’s system of internal control