Audit Basics

Overview:

To formulate an appropriate audit approach, the auditor needs to get a proper knowledge of the business first. This involves performing risk assessment procedures and includes obtaining a proper understanding and evaluation of internal control. If these important steps are well understood and thoroughly performed, all relevant risks can be identified and appropriately assessed to inform the audit approach. Once this is in place, it is important to keep key principles in mind to ensure working paper efficiency throughout the audit.

This quest will give participants a practical understanding of how to formulate an appropriate and efficient audit approach and how to achieve working paper efficiency.

Content and outline:

To explain the following concepts and demonstrate practical application thereof:

• The face of audit
• Planning
• Risk assessment
• Controls
• Audit approach
• Fieldwork
• Completion and reporting
• Working papers

Risk identification and assessment can either make or break an audit. If not done properly, the entire audit effort may be misdirected and critical misstatements may be missed entirely. This process starts from gathering a proper understanding of the entity and its environment. It is critical to link this correctly to its potential impact on the audit assertions. Let us show you practically how to navigate this risk assessment process as efficiently and effectively as possible:

Enroll in the Audit Basics Course, complete each lesson and pass the final quiz to complete the course.

Certification:

Upon completion of each quest, the learner will receive a verifiable Blue LEAF Certificate.