Making Risk Assessment Work
Connecting Risk With Procedures
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Description:  AU-C 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, has been revised and the effective date is periods ending on or after December 15, 2023. After 15 years of risk assessment requirements, many auditors still struggle with applying the standards and connecting their judgments about risks with the extent of the auditing procedures necessary.

Experience/Prerequisites:  Minimum to advanced level of auditing experience.

Who should attend:  Partners and managers responsible for planning and supervision of engagements, and audit staff members who are responsible for performing risk assessments and related audit documentation and the design of audit procedures.

Recommended CPE credit:  8 hours

Acronym: MRAW

Learning objectives: To enable participants to understand and apply the requirements of Generally Accepted Auditing Standards in the risk assessment process and to confidently design audit procedures that are consistent with those assessments.