A study by the AICPA's Peer Review Program found that more than one in 10 firms are not properly assessing risk or linking their assessments to their audit procedures. Of these deficiencies, 40% related to failure to gain an understanding of internal control when identifying the client's risks. Without understanding the nature of the client's controls, auditors can't identify related risks or design appropriate responses. This course will review the best practices in proper documentation of control risks for risk assessment.
Recognize factors that should be considered when conducting your audit risk assessment
Identify best practices in documenting control risks as part of the audit risk assessment