Self Study
Stay up to date on the latest changes...
Risk Assessment and Internal Controls in Audit Planning
$59.95$59.95
Risk Assessment and Internal Controls in Audit Planning
Effective audit planning begins with a thorough understanding of risk. Auditors must evaluate the client’s business environment, identify potential sources of material misstatement, and determine how internal controls influence the reliability of financial reporting. This course explores the critical role that risk assessment plays during audit planning and how auditors use that assessment to design focused, risk-based audit procedures.
Participants will examine how economic conditions, operational challenges, industry trends, and regulatory pressures can affect audit risk. The course also explores the evaluation of internal controls, including the COSO framework, walkthrough procedures, and the growing importance of IT controls and cybersecurity considerations. In addition, participants will learn how auditors identify fraud risks, assess high-risk areas such as revenue recognition and related-party transactions, and respond appropriately when fraud indicators are present. Through practical discussions and real-world audit considerations, this course provides a strong foundation for understanding how auditors identify, evaluate, and respond to risk during the planning phase of an engagement.
Learning Objectives:
Upon successful completion of this course, participants will be able to:
• Identify risks of material misstatement by evaluating the client’s industry, operations, and regulatory environment.Effective audit planning begins with a thorough understanding of risk. Auditors must evaluate the client’s business environment, identify potential sources of material misstatement, and determine how internal controls influence the reliability of financial reporting. This course explores the critical role that risk assessment plays during audit planning and how auditors use that assessment to design focused, risk-based audit procedures.
Participants will examine how economic conditions, operational challenges, industry trends, and regulatory pressures can affect audit risk. The course also explores the evaluation of internal controls, including the COSO framework, walkthrough procedures, and the growing importance of IT controls and cybersecurity considerations. In addition, participants will learn how auditors identify fraud risks, assess high-risk areas such as revenue recognition and related-party transactions, and respond appropriately when fraud indicators are present. Through practical discussions and real-world audit considerations, this course provides a strong foundation for understanding how auditors identify, evaluate, and respond to risk during the planning phase of an engagement.
Learning Objectives:
Upon successful completion of this course, participants will be able to:
• Apply analytical procedures during audit planning to identify unusual trends, transactions, and potential risk areas.
• Explain the purpose of internal control evaluation and the role of the COSO framework in assessing control effectiveness.
• Assess the impact of IT controls, cybersecurity risks, and control testing on audit planning decisions.
• Recognize common fraud risk factors and determine appropriate audit responses to high-risk areas and suspected fraudulent activity.
Course Number:
CC38
NASBA Field of Study:
Auditing
Level:
Intermediate
Author/Instructor:
Colten Christensen
Publication Date:
May 2026
CPE Credits:
3
Prerequisites:
None
Advanced Preparation:
None
The Wait is Over
SIGNUP TODAY AND RECEIVE 8 HOURS OF FREE CPE CREDIT
Copyright © 2026 CPE Credit. All Rights Reserved.
0 Comments