Understand your professional responsibilities when performing risk assessment procedures in accordance with the American Institute of Certified Public Accountants (AICPA) Statements on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, along with other related SASs.
Learning Objectives
- Upon completion of this course, you will be able to:
- Recognize risk assessment procedures.
- Identify inherent risk factors.
- Recall guidance addressing the risk associated with the client’s use of technology, the assessment of control risk and the regulatory environment.
- Identify audit documentation requirements.
Major Topics
Learn about the risk assessment procedures needed to understand an entity’s system of internal control, inherent risk factors, and audit documentation requirements.