collects to develop the client risk profile and assess Session 3 CPA Handbook: cont’d client business risk CAS 230 Understand and develop analytical procedures at the CAS 300 planning stage to determine risk of material CAS 315 misstatement at the financial statement and account CAS 520 level CAS 550 CAS 620 Assignment and Class Work Session 4 Materiality and Risk Discussion/practice questions: Learning Objectives: Thursday, June 11 7-17, 7-23, Epoch Jeans (parts c and d) Understand and apply the components of the audit Materiality – Who’s Right?, risk model to assess achieved audit risk Linking risk factors Describe the factors the auditor considers when assessing inherent risks REQUIRED READING: Understand and apply quantitative and qualitative Chapter 7 - Materiality And Risk factors to determine the appropriate materiality for the overall financial statements, CPA Handbook: Develop an appropriate allocation of materiality to CAS 200 segments and performance materiality CAS 315 Understand the relevance of materiality in CAS 320 conducting the audit and the relationship between CAS 450 materiality and audit risk Assignment and Class Work Session 5 Corporate Governance, Internal Controls, and Control Risk Assessment Discussion/practice questions: Thursday, June 18 9-33, 9-34, Little City Payroll (course web site), Acco, Segregation of Duties Learning Objectives: State the three primary objectives of effective Individual Hand In- Assignment #2 due
Session 3 cont’d collects to develop the client risk profile and assess client business risk Understand and develop analytical procedures at the planning stage to determine risk of material misstatement at the financial statement and account level CPA Handbook: CAS 230 CAS 300 CAS 315 CAS 520 CAS 550 CAS 620 Session 4 Thursday, June 11 Materiality and Risk Learning Objectives: Understand and apply the components of the audit risk model to assess achieved audit risk Describe the factors the auditor considers when assessing inherent risks Understand and apply quantitative and qualitative factors to determine the appropriate materiality for the overall financial statements, Develop an appropriate allocation of materiality to segments and performance materiality Understand the relevance of materiality in conducting the audit and the relationship between materiality and audit risk Assignment and Class Work Discussion/practice questions: 7-17, 7-23, Epoch Jeans (parts c and d) Materiality – Who’s Right?, Linking risk factors REQUIRED READING: Chapter 7 - Materiality And Risk CPA Handbook: CAS 200 CAS 315 CAS 320 CAS 450 Session 5 Thursday, June 18 Corporate Governance, Internal Controls, and Control Risk Assessment Learning Objectives: State the three primary objectives of effective Assignment and Class Work Discussion/practice questions: 9-33, 9-34, Little City Payroll (course web site), Acco, Segregation of Duties Individual Hand In- Assignment #2 due