PCAOB Standards and Issues

PCAOB's Risk-Based Audit Approach

This course describes the Public Company Accounting Oversight Board's (PCAOB) Risk Assessment Auditing Standards used in its risk-based audit approach. These standards are organized in the following audit sections:

  • AS 1101 - Audit Risk
  • AS 1105 - Audit Evidence
  • AS 2101 - Audit Planning
  • AS 2105 - Consideration of Materiality in Planning and Performing the Audit
  • AS 2110 - Identifying and Assessing Risk of Material Misstatement
  • AS 2301 - The Auditor's Responses to the Risks of Material Misstatement
  • AS 2810 - Evaluating Audit Results

  • Learning Objectives:

    After completing this course, you should be able to:

    • Identify the purpose and use of the risk-based audit approach when conducting effective audits.
    • Identify and assess the risks of material misstatement, due to error or fraud.
    • Recognize why understanding the entity and its environment, including the entity's internal control, is essential to the performance of an effective audit.
    • Develop a basis for designing and implementing responses to the assessed risks of material misstatement.
    • Design and perform audit procedures to obtain sufficient appropriate audit evidence leading to the audit opinion.

    Prerequisites/Advanced Preparation:

    Basic knowledge of auditing.

    Speaker / Author:

    John M. Fleming, CPA, MBA, is currently the Director, Content Development for SmartPros LTD, a division of Kaplan Professional Education. SmartPros is an international educational and training company specializing in accounting, finance and ethics educational programs. John previously served as President and Director of Accounting and Auditing for LOSCALZO ASSOCIATES, a division of SmartPros for twenty-eight years. John retired as President of Loscalzo Associates on January 1, 2014.

    John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

    John, a Pennsylvania CPA, served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA) and currently serves as a member of the Institute’s Accounting and Auditing Technical Committee. In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association’s Mid-Atlantic Region.

    John and his wife Marge live in Medford, New Jersey.


    Price (USD)

    Standard: $24.95


    Course Code : 99FLE50-txA

    Release Date : 06/07/2022
    Expire Date : 06/30/2024
    Credits :
    CPE 1.00
    QAS 1.00

    Length : 50min
    Course Level : Basic
    Course Type : QAS Self-Study
    Passing Grade : 70%
    Format Type : eLearning
    Mobile Compatible
    Field Of Study : Auditing

    Theme : PCAOB Standards and Issues

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