Audit Risk for Students
The audit, and your exams, depend on your ability to understand and apply risk
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Audit Risk is incredibly important to understand REALLY well. I've covered the basics here, so that you can really understand the concepts, and build on them as you advance your studies.
Take a look at an article I've written on some of the common challenges students face in Risk questions
I've spent many years supporting Accounting and Auditing students, my blog has loads of useful advice, content and motivation for students
Email: [email protected]
Your Instructor
I've lectured Auditing, coached and mentored Accounting students on their professional and academic journey for over a decade.
I've always said that our mindset is another major subject in our subject, but we get no classes or textbooks for it! To this end, I spend a lot of time researching how our brains work and how habits are formed and changed. Most interestingly, I've spent a lot of time working on how these things relate specifically to Accounting students, given their strengths and challenges.
I share insights and support on my Blog on a regular basis.
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Course Curriculum
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PreviewAudit Risk Introduction (9:15)
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PreviewMisstatement - The AFS creates a 'picture' (5:17)
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StartWhat causes an Inappropriate Opinion? (4:42)
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StartMisstatement vs Material Misstatement (4:20)
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StartAudit Risk Formula (6:01)
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StartRisk of Material Misstatement = Inherent and Control Risk (7:13)
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StartDetection Risk (2:14)
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StartInherent Risk - A more detailed explanation (8:34)
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StartControl Risk - A more detailed explanation (4:55)
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StartAudit Risk - Examples (7:25)
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StartOverall Financial Statement Level Risk vs Account Balance / Assertion Level Risk (8:39)
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StartRequirements - Risk Assessment Procedures (6:05)
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StartRisk Assessment Procedures - How to do this (10:12)
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StartRequirements - Understanding the entity, assessment of controls and documentation (3:34)
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StartUnderstanding the entity - More detail (4:06)
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StartThe controls and internal control components - More detail (11:16)