Complying With the Risk Assessment Standards When Auditing Privately-Owned Companies Webcast | 4204306A
Auditors identify and assess the risks of material misstatement by understanding the entity and its environment. Privately-owned companies present unique challenges. We'll examine issues such as:
a) Do identifiable controls exist?
b) Do owners/managers promote compliance with company policies?
c) Do owners/managers document controls and communicate them to staff?
d) Are these controls observable? Can they be tested for operating effectiveness?
e) Do owners/managers monitor employee performance andevaluate the controls in place?
Review of applicable auditing standards for risk assessment
Identification and discussion of high-risk audit areas
Discussion and analysis of control risk vs. inherent risk
Practical approach to auditing companies where controls are minimal or not adequately documented
Detailed discussion and examples of risk assessment procedures and alternative approaches
Please add objectives using the following verbs.
Recognize high risk areas applicable to private companies
Determine best approach to deal with private company shortcomings in control activities
Identify the appropriate trisk assessment procedures in the circumstances
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.