Course ID: FBFG

Auditing Financial Statements – The Four Basic Food Groups That Satisfy Your Audit Risk Appetite

Every significant audit area merits some level of audit substantive audit effort. However, the nature, timing and extent of audit procedures should vary with assessed risk of material misstatement. This course will provide a practical and memorable visual to help you remember the options available in designing the detailed audit plan.

Learning Objectives

  • Describe the linkage of assessed risk of material misstatement to the detailed audit plan
  • Explain the four basic food group of audits that may be used to satisfy your risk appetite
  • Apply professional judgment and best practices for an effective and efficient audit

Major Topics

  • Considerations for determining whether audit areas are deemed “significant”
  • The four basic options for addressing significant audit areas without over- or under-auditing
  • Designing the nature, timing and extent of audit procedures commensurate with risk
  • Memorable methods for remembering your options for satisfying your audit risk appetite

Who Should Attend

Public accountants who desire to better understand the professional judgment allowed in designing the nature, timing and extent of audit procedures

Fields of Study





Business Learning Institute

CPE Credits




This course is available for your group as:


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