Risk assessment is further explained for experienced audit staff and those newly in charge of audit engagements. Risk assessment deciphered Understanding the significance of inherent risk and control risk assessment tasks to the overall audit process will enhance your performance of key tasks such as documentation. As an experienced staff member, you can expand your risk assessment knowledge across various areas, including: - The purpose of risk assessment tasks - How risk assessment drives the overall audit process - Brainstorming for fraud and additional risks - Distinguishing between entity and auditor tasks - Proper documentation for risk assessment Materiality and risk assessment You can also explore the relationship between materiality and risk assessment, including: - The importance of setting a materiality target - Considering materiality when executing a group audit - How the audit strategy relates to the fundamental inherent and control risk assessments Other risk assessment considerations You can also deepen your understanding of: - The COSO framework as the basis for most systems of internal control assessments - The role of audit data analytics in the risk assessment process Who Will Benefit - Experienced staff - New in-charge auditors - Firms that want consistent training and level setting Key Topics - Audit process - Audit strategy - Risk assessment - Materiality - System of internal control - COSO - Audit data analytics Learning Objectives - Determine the relevance of risk assessment procedures in gathering evidence to direct audit efforts and support the audit opinion, including establishing a proper audit materiality. - Identify key points related to the auditor’s requirements regarding the system of internal control as part of a financial statement audit. - Identify the relevant information regarding the COSO framework. - Determine the potential of audit data analytics in risk assessment procedures.