A comprehensive risk assessment is crucial to every audit engagement as it creates an awareness of the internal and external risks that could impact an organization’s ability to meet its objectives. It helps prioritize risk management and aids in developing a roadmap to assist in establishing internal controls to mitigate or minimize the risks to an acceptable level. This course will assist auditors in understanding the risk assessment standards and best practices for implementation. Another critical component of every audit engagement is documentation. Best practice tips and examples will be addressed in the material to assist auditors with efficiency and effectiveness.
Learning Objectives
- Identify the components of internal control.
- Analyze the risk assessment standards.
- List the strategies for a proper walk-through.
- Identify best practices for audit documentation related to planning, internal controls, and risk assessment.
Major Topics
- The components of internal control; documenting your understanding of the controls at the client and the service organization;
- The risk assessment standards and how to comply with the requirements.
.BMP)