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

The first of a two-part course will provide a thorough overview of the sources of material misstatements while giving participants the knowledge, background, and skills to assess the risk of material misstatements and identify substantial audit risks.  Participants will review the methodology to assess the risk of material misstatements and understand the documentation requirements in the audit risk assessment process.  During the course participants will:

  • Define the terms audit risk, material misstatement, risk of material misstatement, inherent risk, control risk, detection risk, and reasonable assurance and recognize how they are used in an audit
  • Recognize the AICPA's Audit Risk Assessment Standards and PCAOB's Audit Risk Standards
  • Recognize the standards of fieldwork.
  • Recognize the procedures performed during the audit and the factors that determine the focus of the audit
  • Identify the components of the engagement letter, audit strategy and audit plan
  • Recognize the procedures performed during the planning stage of the audit
  • Recognize the procedures used to gain an understanding of the entity and its environment
  • Identify the required risk assessment procedures
  • Recognize the procedures used to understand the design and implementation of internal controls
  • Recognize the methodology utilized to assess the risk of material misstatement
  • Identify financial statement risks, assertion level risks, and significant risks and the audit responses to these risks
timothy gearty

Instructor bio

Tim Gearty is the National Director and Editor-in-Chief for the world’s largest CPA training program, Becker CPA Review. In addition to his editorial leadership, Tim is also Becker's National Lead Instructor, whose taped lectures are seen in over 325 locations throughout the world. Tim is a nationally recognized expert and speaker on a variety of accounting and tax topics, and has appeared as keynote speaker for several Fortune 100 companies as well as many national associations. He has frequently been called upon over the past twenty years to present accounting and tax topics to large groups, organizations, and corporations, accounting firms and in legal proceedings. Tim is a partner in Gearty & McIntyre, LLP, CPA, a firm which has developed a reputation as a specialist in business advisory services, litigation support and forensic accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Public Accountants as well as a trustee of that organization. He holds a BS in Accounting from Fairleigh Dickinson University, and both a MBA in Finance and Law Degree (JD) from Seton Hall University. Tim is a member of the New Jersey and American Bar Associations.

National Registry of CPE Sponsors

A Becker Professional Education is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823

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