SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement
Salepage : SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement
Archive : SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement Digital Download
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The following presentation provides an overview of the statement. An auditor may conduct an audit in conformity with all standards (excluding AU 315) and nevertheless doing a subpar audit. If a person does not comprehend the entity and the context in which it functions, he or she will not notice an unusual transaction. Even the environment in which a business operates might pose a significant misstatement risk that the auditor must be aware of. This program discusses the numerous processes that an auditor must do and document in order to demonstrate his or her grasp of the business and its surroundings.
Fundamental Course Information
Objectives of Learning
The entity’s definition and analysis
Environmental definition and analysis
Internal controls are evaluated with each audit in order to access risk.
calculating the risk of a substantial misstatement
Analysis of the Top Tone
Determining the Meaning of Materiality
Major Topics
Auditing\sFraud
Mr. Dennis F. Dycus, CFE, CPA, CGFM, is now the Director of the Division of Municipal Audit for the State of Tennessee’s Office of the Comptroller of the Treasury. The Division is in charge of auditing all municipalities, utility districts, school activity and cafeteria funds, housing authorities, some non-profit organizations, and other quasi-governmental institutions in Tennessee on an annual basis. Each year, the Divisions team performs multiple audits for fraud, waste, and abuse.
He adds a lot of practical expertise to his presentations, ranging from his early work with a major accounting company through the subsequent 37 years of engagement with audits of various types of public institutions. Mr. Dycus, a Western Kentucky University alumnus, is a regular guest speaker/lecturer for a variety of college business/accounting classes, professional associations, local, state, and national conferences, and non-profit organizations. In 1996, he received the Distinguished Alumnus Award from the Eta Omicron Chapter of Beta Alpha Psi for his contributions to the WKU Accounting Department.
Mr. Dycus is an active member of the American Institute of Certified Public Accountants, where he formerly served on the Members in Government Committee, the Ad Hoc CPE Curriculum Task Force on Government, and the National CPE Curriculum Subcommittee. He is also a member of the Tennessee Society of Certified Public Accountants, the Association of Government Accountants, where he previously served as chapter president, the Government Finance Officers Association, and the Association of Certified Fraud Examiners, where he previously served as chapter president and is a former member of both the Associations Board of Regents and ACFE Foundation, as well as a member of their instructor faculty on a national level. In acknowledgment of his extensive services to the chapter, the Middle Tennessee Chapter named him president emeritus in June 2005.
Mr. Dycus has developed and/or delivered training programs in all fifty states, Puerto Rico, Guam, Canada, and Europe for organizations including the Association of Certified Fraud Examiners, the American Institute of Certified Public Accountants, numerous state CPA societies, the Government Finance Officers Association, the Association of Government Accountants, the National Association of State Auditors, Comptrollers, and Treasurers, and Westcott CPAs. He frequently speaks at professional conferences, both locally and nationally.
He received the AGA’s National Education and Training Award in 1989 and again in 1997, and he has received multiple Outstanding Discussion Leader Awards from the Tennessee and Florida Societies of Certified Public Accountants. In 1998, he received the Association of Certified Fraud Examiners’ Distinguished Achievement Award for his meritorious service in the detection and deterrence of fraud, and in 2001, he was one of only three people to be named a Fellow of the Association of Certified Fraud Examiners for his contribution to expanding the Association’s body of knowledge toward the detection of fraud. He earned the Tennessee Society of CPAs’ first-ever Outstanding CPA in Government Award in 2003, and the Association of Certified Fraud Examiners’ Outstanding CFE in Government Award in 2004. The Tennessee Association of Utility Districts named him a Friend of the Association in 2009 for his contributions to the utility business in Tennessee. This was only the association’s second such honor in its 52-year existence.
He has also written articles for national newspapers on auditing for fraud.
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