Audit Risk Assessment: The Do's and Don'ts, Part 1 

Learning Objectives:
In the first of a two-part course, participants will learn the sources of material misstatements as well as ways to assess the risk of material misstatements and identify any significant audit risks. At the conclusion of this session you will be able to:

• Define Audit Risk
• Outline the AICPA's Audit Risk Assessment Standards
• Compare and contrast the following concepts within the AICPA Audit Risk Assessment Standards

• Reasonable Assurance (SAS No. 104)
• Standards of Fieldwork (SAS No. 105)
• Planning and Supervision (SAS No. 108)
• Understanding the Entity and Environment (SAS No. 107 and 109)

• Outline the methodology utilized to assess the risk of material misstatement
• List the documentation requirements within the audit risk assessment process

Delivery Method:
Self Study

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Final Examination:
To receive CPE credit, NASBA requires that the final Examination be successfully completed within one year from the date of purchase.