The biggest factors that lead to an effective and efficient financial statement audit are the properly identification, evaluation, and response to risk of material misstatement. Assessed risk of material misstatement leads to the generation of the nature, timing and extent of further audit procedures. This risk assessment audit CPE course will focus on how to enhance engagement team brainstorming and discussions to leverage knowledge to create a high-quality and profitable audit approach.
Learning Objectives
Upon completion of this course, participants will be able to:
Explain engagement planning best practices for a high quality and profitable engagement;
Link assessed risk of material misstatement to the detailed audit plan; and
Determine the most appropriate nature, timing and extent of audit procedures for maximum effectiveness and efficiency.
