Audit 105: The Audit Risk Model - Foundational Principles
April 3, 2025
Webinar
2 CPE
Instructor
Jennifer Louis
Audit 105: The Audit Risk Model - Foundational Principles
View Bio
Instructor
Jennifer
Louis
View Bio
Jennifer Louis
Bio
Jennifer F. Louis, CPA
Jennifer F. Louis, CPA has over 14 years of experience in designing and presenting high-quality training programs in a wide variety of technical and "soft skills" topics needed for professional and organizational success. In 2003, she co-founded Emergent Solutions Group, LLC, a consortium of professionals serving organizations on a project or part-time basis, to create a division dedicated to training services. She was most recently Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly respected training and consulting firm serving the audit profession. During her six years at AuditWatch, Ms. Louis served in many other capacities, including Vice President of Product, and instructor and consultant for the firm's Audit Productivity Improvement ProgramTM and various other training courses. She also co-authored a manual on value-added auditing.
Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm's Washington, D.C. office, she served as an instructor for the firm's national "Train the Trainers" program.
Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting. She is also a member of several prestigious professional associations.
The Audit Risk Model
Understanding Foundational Principles is a critical foundational course. Financial statement auditors are engaged to provide reasonable assurance that financial statements are not materially misstated, whether due to fraud or error. Professional standards require auditors to obtain sufficient and appropriate evidence to support that opinion. It is critical for effective and efficient auditors to have a clear understanding of all the important elements and concepts related to properly identifying, evaluating, and deciding how to respond to risk in a financial statement audit. Note: This course is recommended as a part of a 16-hour audit skills curriculum for beginning auditors, while it is also appropriate for anyone who has the need to understand the foundational principles of the audit risk model. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
Upon completion of this course, you will be able to...
Identify the basis for an audit
Recall the auditor's professional responsibilities
Differentiate the responsibilities of reporting entity management and auditors
Recognize important audit concepts, such as materiality
Recall the foundational principles of the audit risk formula
Identify considerations when Identifying and assessing risk of material misstatement
Major Topics
The major topics covered in this course include:
The reason that entities engage a financial statement audit
The applicable financial reporting frameworks available
The various phases of a financial statement audit
Evaluating and documenting audit risk, both at the overall and relevant assertion level
Case study differentiating high-risk audit engagements and higher-risk audit areas
CPE Credits Available
2 CPE
2
Auditing
Things to Know About This Course
Course Level
Basic
Professional Area of Focus
A&A
Advanced Preparation
None
Intended Audience
Professionals requiring knowledge of fundamental audit concepts
