This course covers Auditing Standard: ASA 315 Identifying and Assessing the Risks of Material Misstatements through Understanding the Entity and its Environment.

As part of the ASA 315 risk assessment procedures, an auditor needs to gain an understanding of an entity’s internal controls relevant to the audit. An understanding of internal control can help you to identify types of potential misstatements, as well as understand factors that can affect the risks of material misstatement when designing the audit response.

This one hour online course forms part of the FastClass short course suite.

Learning objectives

  • Explain the five areas of internal control
  • Assess the design and implementation of controls
  • Document the assessment of the design and implementation of controls

Audience

This course is suitable for auditors and public practitioners.

365 Days

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