SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (MLA319B)

  Live Webinar
  100 minutes
  1:00 pm ET | 12:00 pm CT | 11:00 am MT | 10:00 am PT

Improve the Quality of Your Audits—This Program Shows You How!

If auditors do not understand the nature and type of the usual transactions an entity should have, they will not be able to recognize an unusual transaction that should not be there. Simply put, if you do not know what a usual transaction looks like, you will not be able to recognize an unusual (fraudulent) transaction. More than ten percent firms failed to comply with AU Section 315 in 2016—don't be one of them in 2019!

Learn why it is necessary to understand an entity and its environment to better assess the risk of a material misstatement in this webinar by industry expert Dennis F. Dycus. Dycus will discuss the responsibility of the external auditor to identify and assess the risks of material misstatement in the financial statements through understanding the entity and its environment, including its internal controls. He will walk you through the concept of materiality, and explain other useful things you should know about—such as business risks, Reasonable Assurance, the inverse relationship between internal controls and fraud, and how an error affects the scope of an audit vs. a fraud. He will also explain the importance of professional skepticism (and how one gets it), and the importance of a positive control environment.

After attending this webinar, you will know exactly why it is necessary to understand an entity and its environment to properly assess the risk of a material misstatement of the financial statements. You will be better equipped to identity risks that may lead to a financial misstatement. Plus, you’ll be in a better position to develop effective audit procedures to reduce the risk to acceptable levels, thereby improving the quality of your audits.

Session Highlights

The session will bring you up to speed with:

NASBA Category of Study: Accounting

Level: Basic

Who Should Attend

This webinar will benefit both external and internal auditors.

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Dennis F. Dycus, CPA, CFE, CGFM is a trainer, consultant and public speaker.

For the last several years he has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Mexico, Canada and Europe, for organizations such as the Association of Certified Fraud Examin... More info


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