Understanding_the_Entity_and_Its_Environment_and_Assessing-Blackboard

Understanding_the_Entity_and_Its_Environment_and_Assessing-Blackboard

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Understanding the Entity and Its  Environment and Assessing the  Risks of Material Misstatement
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Purposes of Understanding Establishes a frame of reference Establishing materiality Considering appropriateness of accounting principles Identifying areas of special audit consideration Developing expectations for analytical procedures Designing further audit procedures Evaluating reasonableness of management’s representations
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Risk Assessment Procedures and Sources  of Information about the Entity and its  Environment, Including Its Internal  Control
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Risk Assessment Procedures Inquiries of management Analytical procedures Observation and inspection Inquiries of others External Internal Fraud risk factors Determine if changes have been made from prior periods
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Discussion Among Audit Team Susceptibility to material misstatements Experienced team members share insights Professional judgment to determine who attends Multiple discussions
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