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Webcast: Risk Assessment When Auditing Private Entities 2024

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ASCPA Live Online Webcast

Webcast, AZ 85008

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4.0 Credits

Member Price $136.00

Non-Member Price $179.00

Overview

Auditors identify and assess the risks of a material misstatement by understanding the entity and its environment. Privately owned companies present unique challenges. During this course, we’ll examine: Do identifiable controls exist? Do owners/managers promote compliance with company policies? Do owners/managers document controls and communicate them to staff? Are these controls observable? Can they be tested for operating effectiveness? Do owners/managers monitor employee performance and evaluate the controls in place?

Highlights

  • Review of applicable auditing standards for risk assessment
  • Update for SAS #145
  • Identification and discussion of high-risk audit areas
  • Discussion and analysis of control risk vs. inherent risk
  • Practical approach to auditing companies where controls are minimal or not adequately documented
  • Detailed discussion and examples of risk assessment procedures and alternative approaches

Prerequisites

None

Designed For

CPAs, accountants and auditors.

Objectives

  • Recognize high-risk areas applicable to private companies
  • Determine the best approach to deal with private company shortcomings in control activities
  • Identify the appropriate risk assessment procedures in the circumstances

Non-Member Price $179.00

Member Price $136.00