Risk Assessment

Auditing Theory: Concept and Practice Tutorial Series covers the necessary skill and knowledge that will help in passing the CPA Licensure Exam and information that will guide auditors in performing auditing and related services.

This video aims to help the viewers understand and review the risk assessment process in an audit of financial statements.

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Contents:
0:00 - Start
0:45 - Risks Related to an Audit Firm
5:22 - Audit Risk
12:50 - What is Risk Assessment?
16:15 - Risk Assessment Procedures
25:45 - Understanding the Entity and Its Environment
26:47 - A. Industry and Regulatory Factors
30:05 - B. Nature of the Entity
33:44 - C. Accounting Policies
36:00 - D. Objectives and Strategies
37:44 - E. Financial Performance
40:50 - Understanding the Entity's Internal Control
42:25 - Identifying and Assessing Risk of Material Misstatements
45:50 - A. Management Assertions
50:15 - B. Significant Risks
52:50 - Documentation of Risks Assessment Process

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