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. Subscribe to our channel to be updated on the release of the next videos. 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 Facebook Page:   / akawntingpage   Youtube Channel:    / akawnting   Visit our blog: https://akawnting.com