Risk Assessment - Planning of a Financial Statement Audit  

Upon successful completion of this course, the user should be able to:

• assess the risk assessment perspective, and distinguish between performing procedures, obtaining understanding of the entity and its environment, and making decisions and judgments,

• identify the types of risk assessment procedures, and discuss preliminary engagement activities and making inquiries of management and others,

• determine preliminary analytical procedures, observation and inspection, and the discussion among the engagement team,

• identify how an auditor obtains an understanding of an entity and its environment, and distinguish between the various aspects of this understanding, and

• recall how an auditor obtains an understanding of an entity's internal control, and identify the five elements of internal control.