This video covers chapter 16 (Control Risk) of my book: Audit Risk Assessment Made Easy. See it on Amazon [ Ссылка ]
In this video, I explain how to assess control risk based on your walkthroughs. I provide examples of how internal control weaknesses impact your planned audit procedures. I also explain when you may want to test controls for effectiveness (and when you may not).
0:00 Introduction to control risk assessment
1:35 Risk of material misstatement form
2:50 Control risk assessment
3:30 Control risk's impact on planned procedures
4:48 How to know if controls are okay
5:35 Control risk at high
6:00 Assessing control risk
7:08 Weak controls example
8:28 Extended procedures address weak controls
9:23 Cash example: weak controls
10:10 Receivables example: weak controls
10:48 Control risk below high
12:00 Three responses to risk
12:44 Assess control risk at high: controls okay
14:40 Main point about testing controls
15:07 Summary
16:00 Next video: risk of material misstatement
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Control Risk - Chapter 16 - Audit Risk Assessment Made Easy
Теги
Assess control riskAssessing control riskcontrol risk assessmentRisk of material misstatementInternal control weaknessesassessing control risk below highassessing control at highAudit walkthroughstest of controls for effectivenessfurther audit proceduresassess control risk at a low levelassessing control risk too highcontrol risk assessment in audit planningcontrol risk assessment proceduresinternal control risk assessmenttest of controls
