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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 and evaluate the controls in place?
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
• 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