Auditing Top-Ten List: Risk Assessment Procedures

Risk Assessment Procedures is a focused, 1-credit webcast in Sunish Mehta’s Auditing Top 10 List series that reframes “audit planning” as a disciplined, risk-driven process. Using a practical “what can go wrong?” lens, Mehta walks through how to update your understanding of the entity and its environment, evaluate the system of internal control (design and implementation), and perform preliminary analytics that go beyond a two-column flux. The course emphasizes building current-year context—industry conditions, business model changes, performance metrics, and IT landscape—so your risk assessment reflects what’s really happening this year, not last year.

From there, the webcast ties risk assessment directly to your audit program using a structured top-10 framework: prior-year experience, targeted management inquiries, industry analysis, fraud risk assessment under AUC 240 (including presumed risks), risk matrix development, and required engagement team discussions. You’ll see how to translate qualitative and quantitative insights into clear risk ratings and targeted responses—so the nature, timing, and extent of your procedures are aligned with risk, support professional skepticism, and improve both effectiveness and efficiency on nonpublic audits.