Completed
Date

Thursday 21 November 2019

Time

12:00 pm

Duration

1.5 CDP hours

Session Topic

Back to basics – risk-based auditing

Quality-control reviews by accounting bodies, ASIC’s audit-inspection program, corporate restatements and frauds indicate that the basics of risk-based auditing need more emphasis. A proper understanding of the key requirements of risk-based standards is essential to an efficient, effective and compliant audit. This session will focus on:

  • The risks that auditors have not appropriately identified, assessed and responded to
  • Identifying and assessing the risks of material misstatement
  • Materiality in planning and performing an audit
  • How auditors should respond to assessed risks, and
  • Examples of the application of risk-based practice to financial reporting assertions.
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