This lesson provides an overview of audit risk, one of the key topics in auditing. Nick Palazzolo, CPA, explains that audit risk is the risk of providing the wrong opinion on financial statements and consists of three components: inherent risk, control risk, and detection risk. Throughout the lesson, he dives deeper into each component, discussing how they can be influenced and managed. This lesson aims to provide a strong understanding of audit risk and its importance in auditing.
Lesson: Audit Risk Overview
Instructor: Nick Palazzolo
This lesson provides an overview of audit risk, one of the key topics in auditing. Nick Palazzolo, CPA, explains that audit risk is the risk of providing the wrong opinion on financial statements and consists of three components: inherent risk, control risk, and detection risk. Throughout the lesson, he dives deeper into each component, discussing how they can be influenced and managed. This lesson aims to provide a strong understanding of audit risk and its importance in auditing.
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Identify Risk During Planning
Module:
5 Concepts,
62 Lessons
The Fraud Triangle
13:56
Separation of Duties
3:50
Management Fraud
6:08
Fraud Brainstorming
2:20
Assessing Fraud Risk
15:52
Responses to Risk
1:54
Audit Risk Overview
0:40
Audit Risk Formula
8:25
Audit Approach
6:23
Audit Risk Summary
1:19
Corporate Structure
2:01
Control Environment
4:46
Risk Assessment
1:46
Monitoring
1:27
Review and Revision
1:09
Performance
1:09
Responses to Risk
5:11
The Value Cycle
3:12
Residual Risk
1:39
SOX 2002 Penalties
2:27
Goals of SOX 2002
1:59
Audit Committee
7:59
