Risk-Based Audit Standards-Effective Utilization

Description

This program will review the requirements of risk-based auditing, address best practices when conducting planning and risk assessment procedures, describe audit testing strategies including sampling and internal control testing, and illustrate documentation examples that comply with the risk assessment standards. Additionally, this course will introduce, explain, and outline how artificial intelligence (AI) can, and already is, changing the audit process. Specifically, this course will examine how AI will change fundamental components of the risk-based audit process.

Highlights

• Definition of artificial intelligence
• What AI means for business
• Applications of AI already in client firms
• Accounting implications of AI
• Market examples and updates
• Risk assessment process and procedures
• Audit planning and strategy
• Testing strategies
• Internal control testing
• Risk assessment audit standards
• Sampling applications
• Sufficiency of evidence
• Documentation and best practices
• Linked and tailored audit procedures
• SAS No.132 on the Auditor's Consideration of an Entity's Ability to Remain a Going Concern

Objectives

• Participants will be able to:
• Apply the risk-based audit standards
• Apply risk assessment audit procedures
• Develop effective and efficient audit strategies for private entity audits
• Select effective and efficient audit testing strategies
• Determine when it might be more efficient to perform internal control testing
• Explain and discuss core components of AI
• Differentiate and discuss the different kinds of AI currently in the marketplace
• Identify how AI tools are already influencing and changing the audit and accounting profession
• Be able to evaluate where to begin implementing AI in the audit and attest process
• Discuss and articulate what firms are currently doing to implement AI within their organizations

Designed For

Audit practitioners having responsibility for planning and supervising audits, as well as other members of audit engagement teams involved with audits of non-public entities. Additionally, this course is designed for audit professionals seeking to better