Learn audit planning and risk assessment techniques to ensure compliance, identify risks, improve controls, and strengthen organizational performance.
Project Management
2 Hours
Description
Effective audit planning and risk assessment are the cornerstones of a successful audit engagement. This course, “Audit Planning and Risk Assessment,” provides participants with a practical introduction to the key concepts, processes, and tools used in planning an audit and identifying audit risks. In just two hours, attendees will learn how to structure an audit engagement from the start, conduct thorough risk assessments, and tailor audit procedures to address identified risks. The course combines essential theory with real-world examples, making it ideal for professionals who want to strengthen their audit foundation and deliver higher-quality audit outcomes.
Course Objectives
Understand the purpose and importance of audit planning in the audit process.
Identify and assess risks of material misstatement at the financial statement and assertion levels.
Develop an effective audit plan tailored to identified risks.
Apply techniques and tools for risk assessment, including analytical procedures and internal control evaluation.
Enhance audit quality and efficiency by integrating risk assessment into every stage of the audit.
Target Audience
Junior and aspiring auditors seeking to understand audit fundamentals.
Experienced accountants transitioning to audit roles.
Audit team members responsible for planning and risk assessment activities.
Business owners and managers interested in audit processes and risk management.
Students studying accounting, auditing, or related fields.
Basic Understanding
No prior audit experience is required, but basic knowledge of accounting principles will be helpful.
Course Content
No sessions available.
Simpliv LLC 39658 Mission Boulevard, Fremont, CA 94539, USA
Audit Planning and Risk Assessment
Session 1: Introduction to Audit Planning
Overview of the Audit Process
The Purpose and Benefits of Planning an Audit
Key Steps in Audit Planning
Session 2: Understanding the Entity and Its Environment
Gathering Background Information
Industry, Regulatory, and Business Environment Analysis
Preliminary Analytical Procedures
Session 3: Risk Assessment Fundamentals
Types of Audit Risk (Inherent, Control, Detection)
Identifying Risks of Material Misstatement
Assessing Risks at the Financial Statement and Assertion Levels
Session 4: Designing the Audit Plan
Linking Risk Assessment to Audit Procedures
Determining Materiality and Scope
Developing the Audit Strategy and Approach
Session 5: Tools and Techniques for Risk Assessment
