Audit planning is a critical component of the audit process. It involves consideration of client industry and regulatory factors, client operations and administration, availability and assignment of firm resources, engagement timing, and much more. Proper planning will enable more efficient audit execution and it also provides auditors with important risk management techniques. A comprehensive risk assessment is crucial to every audit engagement as it creates an awareness of the internal and external risks that could impact an organization’s ability to meet its objectives. It helps prioritize risk management and aids in developing a roadmap and processes for the establishment of internal controls to mitigate or minimize the risks to an acceptable level. This course will assist auditors in understanding the applicable professional standards including risk assessment and best practices for implementation. Best practice tips and examples will be addressed in the material to assist auditors with efficiency and effectiveness.
Learning Objectives
Identify the components of internal control; analyze the risk assessment standards; list the strategies for a proper walk-through; identify best practices for audit documentation related to planning, internal controls, and risk assessment
Major Topics
The components of audit planning including understanding the entity, the environment, and internal controls; documenting your understanding of the controls at the client and applicable service organization; the risk assessment standards and how to comply with the requirements
