As auditors, CPAs are responsible for identifying and assessing the risks of material misstatement in the financial statements (whether caused by error or fraud) through understanding the entity and its environment, including the entity's internal controls. This course is one of the most comprehensive audit guides available, providing you with a methodology for minimizing the risk of material misstatement to conduct more efficient and effective audits. Part 1 of this two-part course covers risk assessment procedures, components of internal control, and techniques for better understanding the nature of the business you are auditing.
Upon successful completion of this course, participants will be able to:
- Identify risk assessment procedures to use for your client
- Cite the major components of an effective internal control structure
- Identify ways to incorporate a variety of external industry factors into your audits
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