The Coronavirus pandemic (COVID-19) has presented new and heightened risks for businesses, making the audit risk assessment all the more important. The key to high-quality audit engagements is rooted in appropriately identifying and responding to the risks of material misstatement. However, more than a decade after the Risk Assessment Standards were issued, the AICPA Peer Review team found that nearly half of the engagements reviewed failed to comply with AU-C Sections 315 or 330.In this webcast, you will learn about the most pervasive risk assessment issues the Peer Review team has uncovered and how to avoid them in your practice. You will also learn how to properly assess risk affecting clients during the COVID-19 pandemic.
• Identify the most common challenges auditors encounter with respect to AU-C Sections 315 and 330
• Recall the intent of the standards and how the requirements should be interpreted
• Recognize practical application of the standards in audits of small- to medium-sized entities
• Identify and access helpful resources to support quality performance
• Misconceptions leading to non-compliance with AU-C Sections 315 and 330
• Understanding the entity and its environment, including internal control
• Assessing the risks of material misstatement
• Performing audit procedures in response to assessed risks
• New risks to consider as a result of the COVID-19 Pandemic
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Practitioners who perform audit engagements