This course addresses red flags auditors should be mindful of in complianceaudits, cybersecurityevaluations, and going-concernassessments. Topics include how to spot violations of legal and regulatory requirements, signs of inadequate cybersecurity measures, and how to evaluate the going-concern assumption in light of financial difficulties or operational risks. The course also discusses how auditors can respond to these red flags and ensure that potential issues are identified early, protecting both the organization and its stakeholders from future risks.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize red flags in compliance audits that suggest potential violations or regulatory risks
Identify cybersecurity risks and indicators of inadequate protection measures
Determine when going-concern issues require further assessment or disclosure
Major Topics
- Identifying Audit Risks
- Compliance and Going-Concern Issues
Going-Concern Assessments and the Auditor's Responsibility
Key Financial and Operational Red Flags
Red Flags Related to Management's Plans to Mitigate Going-Concern Risks
Audit Techniques to Assess the Adequacy of Going-Concern Disclosures
Cybersecurity Risks and the Increasing Importance of IT in Audits
Key Cybersecurity Red Flags
Effectiveness of an Organization's Cybersecurity Controls
Potential Data Breaches or Weaknesses in IT Governance
Integrating Cybersecurity Assessments into the Overall Audit Process
Compliance Audits and the Risks Involved in Regulatory Non-Compliance
Red Flags Suggesting Potential Violations
Identifying Patterns of Non-Compliance
Monitoring Changes in Laws and Regulations
Role of Auditors in Communicating Compliance Risks to Stakeholders
