If you mess up your risk assessment procedures and, by default, your understanding of the entity, including its system of internal control, your audit is doomed from the start. And, based on peer reviews, nearly half of the audits performed are nonconforming because the auditors did not properly address their clients’ controls (that’s a polite way of saying they messed up)! In this CPE-eligible (1.5 CPE), eLearning course, you will learn about the required risk assessment procedures necessary to obtain an understanding of the entity and its environment, including its system of internal control. We’ll walk through the 2013 COSO framework and the five components of internal control, including the principles representing the fundamental concepts associated with each component. Finally, you’ll learn how to identify relevant (or key) controls, why they are important, and what the auditing standards require you to do with them. This course is based on the revised guidance within SAS 145, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement, which is codified in AU-C section 315 of the same title. If you are an auditor who audits financial statements in accordance with Public Company Accounting Oversight Board (PCAOB) auditing standards, U.S. generally accepted auditing standards (U.S. GAAS), or International Standards of Auditing (ISAs), this course is an absolute must.