Auditing standards require auditors to assess risk—including controls—and use that assessment as a foundation for performing the audit. Risk assessment is not just a technical GAAS requirement, it has a direct impact on realization. Audit teams that perform a thorough risk assessment are more likely to have high realization engagements than those who go through the motions.
This course is designed for small business audit teams. It addresses the risk assessment procedures and responsibilities for each team member and how they fit together to create more effective and efficient audits