Auditors identify and assess the risks of a material misstatement by understanding the entity and its environment. Privately-owned companies present unique challenges. We’ll examine issues such as: Do identifiable controls exist? Do owners/managers promote compliance with company policies? Do owners/managers document controls and communicate them to staff? Are these controls observable? Can they be tested for operating effectiveness? Do owners/managers monitor employee performance and evaluate the controls in place?
• Please add objectives using the following verbs.
• Recognize high-risk areas applicable to private companies
• Determine the best approach to deal with private company shortcomings in control activities
• Identify the appropriate risk assessment procedures in the circumstances
• Review of applicable auditing standards for risk assessment
• Identification and discussion of high-risk audit areas
• Discussion and analysis of control risk vs. inherent risk
• Practical approach to auditing companies where controls are minimal or not adequately documented • Detailed discussion and examples of risk assessment procedures and alternative approaches
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