Self-Study Course Details
Course Description

Properly identifying, assessing, and responding to risk through a detailed audit plan is critical to an effective and efficient financial statement audit. This module will emphasize the key concepts and best practices that drive a thoughtful risk-based approach to forming an opinion on the financial statements post-SAS No. 145.

Major Topics: 

•     Overview of a risk-based audit process post-SAS No. 145

•     How the individual elements of the audit risk formula interrelate

•     Emphasis on overall risk, fraud risk, and control risk

•     Linking the assessed risk of material misstatement to the detailed audit plan

•     Documenting risk assessment conclusions and responses

Learning Objectives
  • Identify the importance of risk assessment to a high-quality audit
  • Recognize the audit risk formula, including how the elements relate
  • Explore the steps and best practices of an effective risk assessment process
  • Explore how to link risk to a detailed audit plan
  • Basic knowledge of generally accepted auditing standards.
Advanced Preparation


Author Details
  • Jennifer Louis
    Jennifer Louis

    Jennifer has over 20 years experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success.  In 2003 she founded Emergent Solutions Group, which is dedicated to meeting organization’s professional training needs on a project or part-time basis.  Jennifer serves a wide variety of clients, including public accounting firms, private industry corporations, and public sector agencies.

NASBA Sponsor
  • National Registry of CPE Sponsors for the QAS self-study delivery method
    Encoursa is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:


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