Risk Assessment Standards When Auditing Privately-Owned Companies
Provider: CalCPA
Length: 3 hours 38 minutes
Auditing
4 CPE Credits
Basic
QAS self study
Auditors identify and assess the risks of a material misstatement by understanding the entity and its environment. Privately-owned companies present unique challenges. We'll examine issues such as: Do identifiable controls exist? Do owners/managers promote compliance with company policies? Do owners/managers document controls and communicate them to staff? Are these controls observable? Can they be tested for operating effectiveness? Do owners/managers monitor employee performance and evaluate the controls in place?