Applying the Risk Assessment Standards Using a Case Study Approach

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Although auditors of non-public entities have been working with the Risk Assessment Standards (SAS Nos. 104–111) for a couple of years now, we continue to hear feedback that they (especially auditors of smaller entities) are still struggling with the implementation of the standards. This course focuses on audits of entities with limited personnel and accounting resources, non-complex operations and financing structures, and a governing body made up of an owner/manager or majority owner. In addition, the entity might also have at least one material weakness in internal control over financial reporting. To help auditors in these situations, this course presents examples and case studies demonstrating how the Risk Assessment Standards may be practically implemented and documented. The overall focus of the course is on those specific areas auditors are struggling with the most using cases to provide practical application solutions.

• Demonstrate compliance with the risk assessment standards effectively and efficiently
• Scale documentation to the smaller entity
• Establish a documentation foundation which may be expanded to larger entities
• Focus the audit effort
• Better control audit hours

Prerequisite: Basic understanding of the Risk Assessment Standards

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