This course discusses the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course also describes how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement and review the eight steps involved in creating the audit plan.
Prerequisites
No advanced preparation or prerequisites are required for this course.
Learning Objective
- Identify the three types of fraud.
- Identify the SAS that provides guidance to auditors in assessing the risk of fraud.
- Recognize the three elements identified by the AICPA to prevent, deter, and detect fraud.
- Recognize who is responsible for identifying and measuring fraud risks and taking steps to mitigate identified risks.
- Identify the procedures to address the risk of management overriding internal controls that are otherwise operating effectively.
- Recognize the characteristics of different types of fraud.
Last updated/reviewed: March 13, 2024
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Chris Clark
Audit Associate
INTRODUCTION AND OVERVIEW
Lesson 1-5
- Phase of An Audit 17:06
- Control Risk 22:15
- Client Acceptance 20:42
- Management and Governance 23:12
- Types of Analytical Procedures 22:19
Lesson 6-11
- Set Materiality and Assess Acceptable Audit Risk 19:13
- Estimate Misstatement 19:35
- Evaluating Management Integrity 29:56
- Internal Control and Assess Control Risk 18:04
- Reasonable Assurance 23:50
- Reliability of Financial Reporting Controls 29:54
Lesson 12-17
- Control Activities 20:17
- Understanding and Evaluation of Internal Accounting Controls 25:55
- Communication to Those Charged with Governance 23:01
- Gather Information to Assess Fraud Risks 20:04
- Duration of Fraud Schemes 19:20
- Type of Organization Susceptible to Financial Fraud 19:37
Lesson 18-23
- Mitigating Fraud Risks 20:30
- Sign of Revenue Fraud 19:48
- Reporting Mechanism 20:33
- Accept Client and Develop the Audit Plan 19:30
- Tests of Details of Balances 23:29
- Audit Procedures 27:59
CONTINUOUS PLAY
- Audit Planning Lesson 1-5 1:49:04
- Audit Planning Lesson 6-11 2:20:32
- Audit Planning Lesson 12-17 1:45:13
- Audit Planning Lesson 18-23 2:11:49
SUPPORTING MATERIAL
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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