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This video unpacks the crucial concept of risk assessment in auditing, explaining how it guides auditors to focus on high-risk areas and ensure financial statement accuracy. We explore the audit risk formula, different risk assessments, types of audit tests, management assertions, and how materiality helps determine significant errors for financial statement users. This video is valuable for accounting students, aspiring auditors, and anyone interested in financial statement accuracy.
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Video Chapters:
0:00 – Why Do We Need Risk Assessment?
1:06 – Audit Risk Formula
5:18 – Assessing the Risk of Material Misstatement
6:29 – What are Substantive Procedures?
7:28 – Testing Internal Controls
8:25 – Management Assertions
11:15 – Materiality
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Our goal at Maxwell CPA Review is to help you thrive in your accounting studies. Whether you're struggling through a college accounting course or are pursuing the CPA exams, we want to help these confusing concepts finally make sense!
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𝗧𝗵𝗮𝗻𝗸𝘆𝗼𝘂 𝗳𝗼𝗿 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴: Auditing 101 | Part 2: Risk Assessment, Assertions, and Materiality | Maxwell CPA Review
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