Price:
R552.00 (VAT Incl.)
Level:
Auditors
Sub-level:
Auditing
Lecturer:
Lynette Badenhorst
Duration:
165 Minutes
Additionals:
R552.00 (VAT Incl.)
Level:
Auditors
Sub-level:
Auditing
Lecturer:
Lynette Badenhorst
Duration:
165 Minutes
Additionals:
CPD Assessment
Certificate
Certificate
Lesson Outline
Overview:
There are many references throughout the ISAs to audit risk.
During this lesson, I will discuss a 10-point plan for auditors to identify and address the different components of risk during an audit of financial statements.
I will also explain which type of audit procedures should be performed to address the different components of risk.
Content:
1. What is audit risk
2. Assessment of inherent risk
3. Assessment of control risk
4. Assessment of fraud risk
5. Detection risk
6. Significant risks
7. Presumed risks
a. Revenue testing
b. Seven steps to perform to test journal entries
c. Auditing accounting estimates
d. Transactions outside the normal course of business
8. Business risks
9. Risk of material misstatement (ROMM)
10. Desired audit risk
What does all these terms mean and how does it fit into a risk-based audit approach?
There are many references throughout the ISAs to audit risk.
During this lesson, I will discuss a 10-point plan for auditors to identify and address the different components of risk during an audit of financial statements.
I will also explain which type of audit procedures should be performed to address the different components of risk.
Content:
1. What is audit risk
2. Assessment of inherent risk
3. Assessment of control risk
4. Assessment of fraud risk
5. Detection risk
6. Significant risks
7. Presumed risks
a. Revenue testing
b. Seven steps to perform to test journal entries
c. Auditing accounting estimates
d. Transactions outside the normal course of business
8. Business risks
9. Risk of material misstatement (ROMM)
10. Desired audit risk
What does all these terms mean and how does it fit into a risk-based audit approach?