Auditors use the audit risk model to determine the total amount of risk associated with an audit. In the Audit Risk Model course, we describe how this model works and how the auditor can use it to manage audit risk. We note situations in which the model indicates unacceptable audit risk, as well as cases in which expanded audit procedures can overcome these concerns. The risk auditing CPE course also addresses the concepts of audit evidence and audit sampling.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the type of audit evidence that an auditor needs to obtain.
Specify the various sources of audit evidence.
Recall how tests of controls are used.
Specify the characteristics of statistical and nonstatistical sampling.
Identify how attribute sampling is used.
Major Topics
The Audit Risk Model
Outcomes of Risk Combinations
The Reasonable Assurance Requirement
The Nature of Audit Evidence
Sources of Audit Evidence
Evidence Obtained from the Work of Others
The Audit Sampling Process
The Audit Plan
