OD: Understanding the Risk Assessment Audit Standards
Recorded March 26, 2008
The Risk Assessment Audit Standards (SAS 104-111) require external auditors to understand an organization’s vulnerability to the risk of material misstatement of financial statements. Because auditors must apply a risk assessment methodology, the change in audit approach is extensive.
The standards are in effect this fiscal year for the vast majority of colleges and universities. Join this program to enhance your understanding of the standards and become better prepared for this upcoming audit season.
What You Will Learn:
- Learn how the standards affect your external auditor’s strategies
- Explore audit processes that will change
- Grasp the relationship between these standards and others, for example SAS 99 (Fraud) and SAS 112 (Internal Control Matters)
- Understand new terminology changes (such as audit and substantive procedures and reliability of audit evidence)
- Identify audit planning actions you may be missing
Who Should Participate?
- AVPs of Finance and Administration
- Internal auditors
- Audit committee members
Meet the Presenters:
- Cynthia Pierce, Crowe Chizek and Company LLC
- Stuart Miller, Crowe Chizek and Company LLC
- Course Level: Advanced
- Length: 100 minutes
- Prerequisites: none