Surgent's Performing an Effective Audit Risk Assessment
4.00 Credits
Member Price $159
Non-Member Price $179
Overview
Recent feedback from the AICPA has emphasized the importance of performing an effective risk assessment to identify and evaluate the risk of material misstatement in a financial statement audit. SAS 145, the 2023 amendment to AU-C 315, makes significant changes to the extant risk assessment standard and certain changes to other standards as well. The amendments clarify confusion that the AICPA believes auditors experienced under the existing standard and also conforms, for the most part, to the IAASB standard on the same topic. SAS 145 has been effective for two years now starting with December 31, 2023 audits.
This course will focus on how to perform the risk assessment process under the new standard, providing participants with a summary of the changes to existing guidance. It will discuss linking the results of the risk assessment to further testing (internal control and substantive testing) and procedures performed in concluding on the evidence obtained. In addition, it will also discuss documentation and audit communications.
Highlights
- Audit process and planning
- Materiality, performance materiality, and tolerable misstatement
- Assessing the risk of material misstatement
- Understanding internal controls and when the auditor must evaluate the design and implementation of internal controls
- Designing procedures to test the effectiveness of controls
- Issues noted related to performing substantive procedures
- Documentation
- Communication with the Client and Governance
Prerequisites
None
Designed For
All auditors involved in applying the risk assessment requirements
Objectives
- Recall key concepts in the risk assessment standards, including various requirements
- Recognize how to implement the standards in practice
- Identify approaches to comply with professional standards while auditing in a virtual environment
Preparation
None
Leader(s):
Leader Bios
Marci Thomas, Kaplan Financial Education
Marci Thomas, CPA, MHA, is an author and discussion leader for Loscalzo Associates Ltd. Ms. Thomas is a principal and director of quality control for Metcalf-Davis, a CPA firm in Atlanta. She is also a clinical assistant professor at the University of North Carolina at Chapel Hill where she teaches Healthcare Consulting, Governance and Internal Control. Ms. Thomas also works with accounting firms, performing quality control and efficiency reviews. She works with nonprofit boards on strategic planning and governance issues. From 1986 through 1999 and again in 2005, Ms. Thomas worked for Deloitte, primarily in the accounting and advisory services department. Most recently, she was Director in Deloitte Consulting in strategy and operations practice in the Atlanta office. Marci specializes in working with not-for-profit organizations including those in the healthcare and higher education arenas. In addition to those areas she is also a nationally recognized author and speaker on OMB Circular A-133 and Governance.
Non-Member Price $179
Member Price $159