CE/CPE Course Information

Audit Planning and Risk Assessment for External Auditors

CPE Credits: 4
Subject Area: Accounting and Auditing
Field of Study: Auditing
Program Level: Overview
Lesson Version: 18-1
Publication/Revision Date: December 30, 2019
Prerequisites/Advanced Preparation: None
Written By: William A. Hillison, Ph.D., CPA, CMA

After completing this course, you will be able to
  • Determine whether the requirements for pre-engagement acceptance have been met
  • Recognize the elements of an overall audit strategy and audit plan
  • Obtain an understanding of the entity and assess risks
  • Identify the components of audit risk and materiality and their effects on the application of GAAS in financial statement audits
  • Identify appropriate sources of information to develop expectations for applying analytical procedures
  • Answer technical questions about the auditor’s responsibilities for detecting fraud and noncompliance with laws and regulations
  • Discern sufficient appropriate audit documentation
Course Topics
  1. Pre-Engagement Acceptance Activities (AU-C 210 and AS 1010)
  2. Planning an Audit (AU-C 300, AS 2101, and AS 1210)
  3. Understanding the Entity and Assessing Risks (AU-C 315 and AS 2110)
  4. Audit Risk and Materiality (AU-C 200, AU-C 320, AU-C 450, AS 1101, and AS 2105)
  5. Analytical Procedures (AU-C 520 and AS 2305)
  6. Consideration of Fraud in a Financial Statement Audit (AU-C 240 and AS 2401)
  7. Consideration of Laws and Regulations in an Audit (AU-C 250 and AS 2405)
  8. Audit Documentation (AU-C 230 and AS 1215)

This self-study course consists of an Audiovisual presentation or a 20-question True/False Introductory quiz, a Knowledge Transfer Outline with multiple-choice questions for study and review, and a Qualified Assessment of 20 questions.

This course is designed for your convenience. You may log out at any time during the course; your current position and all work will be saved. The next time you log in, you can resume right where you logged off.

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