RISK
RISK BASED AUDITING: A PRACTICAL APPROACH TO SAS 104 thru SAS 111
CPAs who provide audit services need to get a head start of the seven new risk assessment standards. This suite of standards is meant to bring about fundamental changes in how audits are conducted. This course provides an overview of these standards and the changes they are seeking to achieve. The focus of the course will be on applying the risk based audit model in closely held entities.
MAJOR TOPICS:
- Why change audits?
- What is risk based auditing?
- The cycle of information gathering, understanding the entity and assessing risk
- Guide to SAS 104 – 111
- SAS No. 104: Due professional care
- SAS No. 105: Risk assessment & internal control
- SAS No. 106: Risk assessment procedures
- SAS No. 107: Materiality and audit risk
- SAS No. 108: Planning & supervision
- SAS No. 109: Understanding the entity
- SAS No. 110: Audit Procedures
- SAS No. 111: Audit Sampling
DESIGNED FOR: Accountants in public practice who need an overview of these newly enacted ASB standards in order to begin applying them in their practice.
Prerequisites: None
Level of Knowledge: Intermediate
Field of Study: Auditing
Price: $39
Credit Hours: 2
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