Overview
Conduct risk assessment the right way
Regardless of the size of your client or audit budget, there are specific requirements in accounting standards and generally accepted auditing principles (GAAP) related to auditing internal control for risk assessment purposes.
Take a deep dive into understanding your audit client's system of internal control to perform a more effective and efficient audit.
Prerequisites
none
Objectives
- Recognize auditors' responsibilities when gaining an understanding of a client and its environment, including its system of internal control.
- Recognize which controls require design & implementation evaluation.
- Recognize auditors' responsibilities specific to risks arising from the use of IT and general IT controls.
Highlights
The audit risk model
Key steps in understanding and evaluating your client's system of internal control
Learn how to identify IT applications and IT controls relevant to the audit
Apply risk assessment requirements to less complex entities
Examples of risks arising from the use of IT and general IT controls
