Details
Risk Based Audit, whereby the participants will have a basic understanding on the concepts and related standards on risk based audit approach.
Outline
l. Evolution of Auditing
- Compliance-based audit
- System-based audit
- Risk-based audit
ll. Definition of Risk-Based Audit
- What are business risks?
- Types of business risks
- Events that indicate business risks
lll. Application of Risk-Based Audit
- Internal Environment
- External Audit
- Responsibility for Risk Management
- Risk Responses
lV. Risk-Based Audit Approach
- External Environment
- Internal Environment
- Risk Assessment
- Internal Controls
- Risk of Material Misstatement
- Financial Statements Assertions
V. Application and other Explanatory Material
- Applicable Standards in Auditing (PSA & IPPF)
- Illustrative Examples
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