Risk Assessment When Auditing Private Entities 2024 (4 hours)

Overview

Auditors identify and assess the risks of a material misstatement by understanding the entity and its environment. Privately owned companies present unique challenges. During this course, we’ll examine: Do identifiable controls exist? Do owners/managers promote compliance with company policies? Do owners/managers document controls and communicate them to staff? Are these controls observable? Can they be tested for operating effectiveness? Do owners/managers monitor employee performance and evaluate the controls in place?

Highlights

• Review of applicable auditing standards for risk assessment
• Update for SAS #145
• 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

Designed For

CPAs, accountants and auditors.

Objectives

• Recognize high-risk areas applicable to private companies
• Determine the best approach to deal with private company shortcomings in control activities
• Identify the appropriate risk assessment procedures in the circumstances

Notice

“Adding to Calendar” does not register you for this event. Please either register online by clicking “Add to Cart” or contacting OSCPA at 503-641-7200 / 800-255-1470, ext. 3. Thank you!