Financial statement auditors are engaged to provide reasonable assurance that financial statements are not materially misstated, whether due to fraud or error. Professional standards require auditors to obtain sufficient and appropriate evidence to support that opinion. This financial audit CPE course guides participants on the important elements and concepts related to properly identifying, evaluating, and deciding how to respond to risk in a financial statement audit.
Learning Objectives
Upon completion of this course, participants will be able to:
Recall the basis for an audit;
Explain the auditor's professional responsibilities;
Identify important audit concepts, such as materiality;
Explain the foundational principles of the audit risk formula; and
Recognize considerations when Identifying and assessing risk of material misstatement.
Major Topics
The reason that entities engage a financial statement audit
List the applicable financial reporting frameworks available
Differentiate the responsibilities of reporting entity management and auditors
The various phases of a financial statement audit
Evaluating and documenting audit risk, both at the overall and relevant assertion level
Case study differentiating high-risk audit engagements and higher-risk audit areas
