Performing an Effective Audit Risk Assessment in the COVID-19 Environment (RAC4)
Salepage : Performing an Effective Audit Risk Assessment in the COVID-19 Environment (RAC4)
Archive : Performing an Effective Audit Risk Assessment in the COVID-19 Environment (RAC4)
FileSize :
Category:
Accounting and Auditing
Faculty:
Michael J. Morgan, CPA
Course Levels:
Basic
Duration:
4
License:
Access for 90 day(s) after program date.
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.
Major Topics
Audit process and planning
Setting materiality
Assessing the risk of material misstatement and the design and implementation of internal controls
Assessing the impact on the assessment of internal controls in a changing work environment
Designing procedures to test the effectiveness of controls
Designing procedures to perform substantive procedures
Challenges in performing audit procedures in a virtual environment
Performing and evaluating interim and year-end tests of control and substantive procedures
Final audit procedures and wrap up
Learning Objectives
Recall key concepts in the risk assessment standards, including various requirements
Recognize how to implement the standards in practice
Identify approaches to comply with professional standards while auditing in a virtual environment
Designed for
All auditors involved in applying the risk assessment requirements
Level of Knowledge
Basic
Prerequisite
None
Advanced Preparation
None
Credits
4
Field of Study:
Auditing (Technical) (4)
CFP Credits:
No
IRS Approved:
No
Yellow Book:
No
What is Everything Else?
Everything Else is a product category on Amazon that is meant to be a catch-all for items that don’t fit into any other categories. Over time, as the Amazon catalog has grown and more specific product categories have been added, Everything Else has become less useful and more of a junkyard for cast off and forgotten listings.
Until recently, however.
Why are items listed in Everything Else when they shouldn’t be?
The answer to this is fairly simple. Some sellers are using Everything Else as an opportunity to get around Amazon’s gated category requirements. For example, DVDs with an MSRP of over $25 are now gated Selling certain products and bran… More and require permission to list. So we’ve seen some sellers create new listings in Everything Else to get around these requirements. We’ve noticed similar “workarounds” for other gated or restricted Selling certain product categorie… More categories as well.
Amazon doesn’t like this. It just makes the catalog more of a mess than it already is and ends up creating a worse customer experience.
Performing an Effective Audit Risk Assessment in the COVID-19 Environment (RAC4)
Readmore About : Performing an Effective Audit Risk Assessment in the COVID-19 Environment (RAC4)
