What would you do if you only had one workday to complete a financial statement audit? How would you optimize just a handful of hours? What would you test? More importantly, what would you minimize or eliminate? Although one day is unrealistically short, it illustrates how risk-based auditing can help auditors optimize professional effort. This course emphasizes the importance of risk assessment for enhancing both the effectiveness and efficiency of audit procedures.
Learning Objectives
Understand the audit risk model Perform risk assessments dentify significant risks Adopt a risk-based audit approach
Major Topics
The audit risk model Risk assessment Linking risks to audit procedures Other responses to risks Documentation
