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Understand the purpose and importance of inherent risk and control risk assessment tasks, with an emphasis on what these tasks seek to accomplish and how they drive the overall audit process.
Recall the importance of setting a materiality target for the engagement, including materiality when executing a group audit, and how the audit strategy − executed by account and relevant assertion − relates to the fundamental inherent and control risk assessments.
Explore the risk assessment, including brainstorming for fraud and additional risks, emphasizing and distinguishing entity and auditor tasks and how to properly support with documentation these risk assessments that will drive further audit procedures.
Understand the COSO framework, which is the basis for most systems of internal control assessments.
Explore how audit data analytics can be used in the risk assessment process.
CPE Credit: 2.5