On-Demand

2 CPE

Auditing Bits in Bytes™ Session 4: Assessing and Responding to Risk

On-Demand
2 CPE
  • View Bio

    Instructor

    Jennifer
    Louis

    View Bio

    Jennifer Louis, CPA

    Bio

    Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organizational success. Jennifer focuses her energy on designing and delivering high-quality and engaging accounting and auditing training. Prior to founding Emergent Solutions Group, LLC, she was Director of Audit Product Development at Surgent Professional Education.

    In 2003 she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. She currently resides in Charlotte, NC.

This 2-hour session focuses on how to appropriately identify, evaluate, document and respond to risks of material misstatement due to either fraud or error in order to effectively and efficiently design the nature, timing and extent of further audit procedures (tests of controls for operating effectiveness and substantive audit procedures).

Develop a game plan for successful audits, learn more about MACPA’s Auditing Bits in Bytes™.

Learning Objectives

  • Describe how to properly identify, evaluate, document and respond to risks of material misstatement due to either fraud or error
  • Recognize best practices for effective and efficient engagement team discussions and other risk assessment activities
  • Identify how to link assessed risk of material misstatement to the design of the nature, timing and extent of further audit procedures

Major Topics

  • Audit Risk Components: Inherent Risk, Control Risk, & Detection Risk – Understanding the underlying intent of each of the components, and key considerations in properly assessing and documenting the basis for conclusions
  • Identifying & Evaluating Risk – How to synthesize all the information gathered throughout the risk assessment process into a concise summary of risk assessment conclusions
  • Determining Significant Risks Requiring Special Audit Considerations – What differentiates this type of risk from other types of risks of material misstatement, and what that means in regards to the nature, timing and extent of further audit procedures
  • Engagement Team Discussion – Common deficiencies in the performance of this required important activity
  • Linking Assessed Risk of Material Misstatement to the Detailed Audit Plan – How judgment calls directly influence the effectiveness and efficiency of the detailed audit plan
  • Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

CPE Credits Available

2 CPE
2
Auditing

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • Accounting & Auditing

Prerequisites

  • None

Advanced Preparation

None  SPEAKER BIO

Intended Audience

  • Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards

Provider

AICPA

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  • MACPA Non-Member

    $ 90 90
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