Audit Risk Assessment: The Do's and Don'ts, Part 2
Learning objectives

Participants who have successfully completed Part 1 of this two-part course will define audit evidence and understand what constitutes appropriate audit evidence.  In addition, you will learn how to assess and respond to the risk of material misstatement, how to test the operating effectiveness of internal controls, as well as when and how to perform substantive procedures to detect material misstatements.  Other topics include audit sampling and audit evidence evaluation.  At the conclusion of this session you will be able to:

  • Define audit risk, the risk of material misstatement, detection risk, inherent risk and control risk
  • Identify the purposes of the AICPA and PCAOB risk assessment standards
  • Recognize definition, purpose, sources, attributes, and types of sufficient appropriate audit evidence
  • Identify the relevant management assertions and the corresponding audit procedures
  • Recognize the audit response to the risk of material misstatement at the financial statement level and relevant assertion level through further audit procedures
  • Recognize the characteristics of a substantive audit approach and a combined audit approach
  • Recognize the purpose, nature, extent and timing of tests of controls
  • Recognize the purpose, nature, extent and timing of substantive procedures
  • Identify the procedures used to evaluate audit evidence and possible conclusions from these evaluations
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.

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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

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