Surgent's Performing an Effective Audit Risk Assessment in the COVID-19 Environment
Recent auditing standards and peer review feedback have emphasized the importance of performing an effective risk assessment when identifying and evaluating the risk of material misstatement in a financial statement audit. These risk assessment procedures include both evaluating the design and implementation of internal controls, as well as determining how much reliance an auditor will place on those controls. Further, the risk assessment process provides the rationale for effectively and efficiently designing the nature, timing, and extent of further audit procedures, be they testing the operating effectiveness of internal controls or the performance of substantive audit procedures. While this requirement of an effective audit hasn't changed, the level of risk brought about due to emerging accounting and disclosure issues brought on by the pandemic coupled with the new ways we will be required to obtain the information to assess risk and internal control stressors on our clients, certainly has. This course will focus on how to utilize a risk-based approach in audit engagements to enhance audit quality, with an emphasis on how to comply with the professional requirements in a virtual environment. As auditors continue to struggle with effective and efficient execution of the Risk Assessment Standards, it's likely these struggles will increase in the new virtual reality. This course will give you a jump start on determining how you can comply with professional standards as you and your clients adapt to new working conditions.
Date & Time:
Thursday, June 23, 2022
6:00am – 9:30amAdd this event to my calendar
Field of Study:
4 hours CPE credit
Registration for this event has passed.
Applicable if you are a NVCPA member in good standing.
Applicable if you are not a NVCPA member.