This course is intended for inexperienced or newly promoted audit seniors or others who struggle with applying the key concepts underlying the risk assessment process. This course emphasizes linkage in the audit risk assessment process. If a firm’s auditors approach risk assessment in isolation and have trouble “connecting the dots” between the various elements, then this course will address that problem. This course also reinforces the need for auditors to consider contradictory audit evidence and helps them develop effective client inquiry strategies to understand their business.
Course ID: FSCS
Flatiron Solar: A Case Study in Auditors’ Risk Assessment
Learning Objectives
After completing this course, auditors will be able to:
- Respond effectively to contradictory audit evidence
- Apply the all elements of the audit risk model to develop an appropriate response.
- Recognize the client’s business and industry factors driving the situation.
- Recall the client’s information processing systems and assess the effectiveness of internal controls.
- Assess the risk of “what could go wrong”, once recognizing the business (including internal control) and industry.
- Design an appropriate audit approach, given their modified risk assessment
- Develop inquiry strategies to effectively and efficiently obtain necessary information.
Major Topics
This course is built around a comprehensive case study that requires auditors to make an initial risk assessment based on prior year’s audit and a hastily prepared planning analytical review. When the interim test procedures produce unexpected results, the auditors must revisit their initial risk assessment to perform a more thorough risk analysis.
Who Should Attend
Audit seniors, staff, or others who have primary responsibility for planning and performing audit risk assessment procedures.
Fields of Study
AuditingPrerequisites
None