Risk Assessment in Smaller Entities
Description: A review of the requirements of AU-C Section 315, to obtain and document sufficient understanding of the entity and its environment, including internal controls, with focus on the smaller entity. This session will include:
Learning objectives: To enable participants to understand and apply the requirements of AU-C 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, meet the applicable documentation requirements and achieve audit efficiency.
Experience/Prerequisites: Minimum to advanced level of auditing experience.
Who should attend: Partners and managers responsible for planning and supervision of engagements, audit staff members who are responsible for documenting the understanding of the entity and its environment including internal controls, and finance officers responsible for establishing and maintaining internal controls.
Recommended CPE credit: 8 hours
Acronym: RASE
- The entity and its environment, and the importance of the required understanding – Who is this entity and what do they do?
- The entity and its environment and documentation
- Internal control and documentation
- Focusing on fraud controls
- Annual updating of documentation