Auditing: Lecture 10

Auditing: Professor Brown-Liburd
Lecture #10
Date: October 11, 2016

Time Stamps:

0:06 Planning an Audit and Designing an Audit Approach

3:32 Understanding of the Client's Business and Industry

7:34 Assess Client Business Risk

12:19 Knowledge Check

14:22 Materiality Concept

16:43 What is Materiality?

18:16 When is it Material?

18:31 Audit Materiality

18:34 Materiality is critical to the audit process

18:37 Materiality Factors

31:31 Examples

34:41 Materiality Factors

35:10 Examples

35:26 Set Preliminary Judgment About Materiality

37:08 Allocate Preliminary Judgment About Materiality to Segments

38:49 Types of Misstatements

46:37 Knowledge Check

47:20 Identifying and Assessing Risk of Material Misstatements

48:39 Materiality and Risk

53:39 Knowledge Check

54:17 The Audit Risk Model (ARM)

Summary of Lecture:

In this lecture, Professor Brown-Liburd discusses the importance of planning an audit, designing an audit approach, understanding the client's business and industry, audit materiality, different types of misstatements, and the audit risk model (ARM).

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