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Live Webcast Replay

SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement


Total Credits: 3 including 3 Auditing- Technical

Average Rating:
   18
Categories:
Accounting and Auditing |  ACPEN Industry Institute
Speaker:
Dennis F. Dycus, CFE, CPA, CGFM
Course Levels:
Intermediate
Duration:
3 Hours
Product Type:
Live Webcast Replay
License:
Product Setting: Expires 30 day(s) after program date.

Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


Description

If you do not understand the entity that you are auditing, you won’t know what type of transactions they should be entering into.  As a result, you won’t recognize those transactions they should not be there.  In other words, you will be performing the audit without having any idea of what you should be looking at.  This statement requires that the auditor document their understanding of the entity and its environment that it operates in as well as assessing the risks of material misstatement.

Prior to this statement, auditors often assessed risk at maximum and did not evaluate internal controls.  A big change made by this statement is that, while it allowed the auditor to continue to assess risk at maximum, they now must first evaluate internal controls in order to have a basis for making such an assumption.  As a result, auditors are now required to document their evaluation of internal controls on every financial statement audit.

This presentation is an overview of the many procedures auditors are now required to perform and document on every audit related to their understanding of the entity and its environment and the basis for assessing the risk of material misstatement.

Basic Course Information

Learning Objectives
  • Determining Risk
  • Identify and assess the risk of material misstatement either due to error or fraud
  • Distinguishing between an error of a fraud
  • Understanding intent
  • Evaluating the internal control process – When it begins and when it stops
  • Developing risk assessment procedures
  • Understanding the dangerous of complex transactions

Major Subjects
  • How the effect of a misstatement due to error effects the scope of our audit vs a misstatement due to fraud
  • Inquires of management …….. and others
  • The audit planning process; when we start and when we stop
  • The importance of brainstorming and what two things should a talk about
  • Revisions of our risk assessment
  • Determining materiality

Course Materials

Speaker

Dennis F. Dycus, CFE, CPA, CGFM's Profile

Dennis F. Dycus, CFE, CPA, CGFM Related Seminars and Products


Mr. Dennis F. Dycus, CFE, CPA, CGFM, presently serves as the Director of the Division of Municipal Audit for the Office of the Comptroller of the Treasury, State of Tennessee. The Division is responsible for the annual audit of all municipalities, utility districts, school activity and cafeteria funds, housing authorities, certain not-for-profit organizations and other quasi-governmental entities in the State of Tennessee. In addition, the Divisions staff conducts numerous audits for fraud, waste and abuse each year.

From the beginning of his career with a national accounting firm, through the last 37 years of involvement with the audits of all forms of governmental entities, he brings a wealth of practical experience to his presentations. A graduate of Western Kentucky University, Mr. Dycus is a frequent guest speaker/lecturer for various college business/accounting classes, professional associations, local, state and national conferences and not-for-profit organizations. In 1996, the Eta Omicron Chapter of Beta Alpha Psi presented him with the Distinguished Alumnus Award in recognition of his support of the WKU Accounting Department.

A 1986 graduate of the Tennessee Government Executive Institute, Mr. Dycus is an active member of the American Institute of Certified Public Accountants where he previously 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 also served as chapter president and is a former member of both the Associations Board of Regent and ACFE Foundation as well as a member of their instructor faculty on a national basis. In June, 2005, the Middle Tennessee Chapter honored him with the designation of president emeritus in recognition of his longstanding contributions to the chapter.

For the last several years, Mr. Dycus has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Canada and Europe, for organizations such as 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; Westcott Communications, Inc.; the Organization for Security and Co-Operation in Europe; New York Presbyterian Hospital; IBM; HCA; NYC Presbyterian Hospital, Saturn, Inc.; the US Department of Labor; the Government Accountability Office; the Internal Revenue Service; Bisk Education, Inc.; Nichols Education, Inc.; numerous state audit organizations and individual professional firms. He is a frequent speaker at various professional conferences, both on a local and national level.

In 1989 and again in 1997, he was the recipient of the AGA's, National Education and Training Award and has been presented with several Outstanding Discussion Leader Awards by both the Tennessee and Florida Societies of Certified Public Accountants. In 1998 he was honored with the Association of Certified Fraud Examiners, Distinguished Achievement Award for his meritorious service in the detection and deterrence of fraud and in 2001 was one of only three individuals to receive the designation as a Fellow of the Association of Certified Fraud Examiners in recognition for his contribution to expanding the Associations body of knowledge toward the detection of fraud. In 2003 he was the recipient of the Tennessee Society of CPAs first ever, Outstanding CPA in Government Award and in 2004 received the Association of Certified Fraud Examiners Outstanding CFE in Government Award. In 2009 he was recognized as a Friend of the Association by the Tennessee Association of Utility Districts for his contribution to the utility industry in Tennessee. This was only the second such recognition the association had made in its 52 year history.

In addition, he has authored articles on auditing for fraud for national publications.


Dates

Mon, Apr 08, 2024 - 11:00am to 02:30pm CDT
Sat, Apr 13, 2024 - 10:00am to 01:30pm CDT
Tue, Apr 16, 2024 - 01:00pm to 04:30pm CDT
Thu, May 02, 2024 - 06:00pm to 09:30pm CDT
Wed, May 15, 2024 - 09:00am to 12:30pm CDT
Sat, Jun 08, 2024 - 10:00am to 01:30pm CDT
Mon, Jun 10, 2024 - 11:00am to 02:30pm CDT
Mon, Jun 17, 2024 - 01:00pm to 04:30pm CDT
Fri, Jun 28, 2024 - 03:00pm to 06:30pm CDT
Tue, Jul 02, 2024 - 09:00am to 12:30pm CDT
Mon, Jul 15, 2024 - 11:00am to 02:30pm CDT
Wed, Aug 14, 2024 - 01:00pm to 04:30pm CDT
Tue, Aug 27, 2024 - 03:00pm to 06:30pm CDT
Tue, Sep 10, 2024 - 09:00am to 12:30pm CDT
Wed, Sep 18, 2024 - 11:00am to 02:30pm CDT
Wed, Oct 02, 2024 - 01:00pm to 04:30pm CDT
Tue, Oct 15, 2024 - 06:00pm to 09:30pm CDT
Thu, Nov 07, 2024 - 05:00pm to 08:30pm CST
Sat, Nov 09, 2024 - 10:00am to 01:30pm CST
Fri, Nov 22, 2024 - 11:00am to 02:30pm CST
Thu, Dec 05, 2024 - 01:00pm to 04:30pm CST
Fri, Dec 13, 2024 - 03:00pm to 06:30pm CST
Sat, Dec 14, 2024 - 10:00am to 01:30pm CST
Mon, Dec 30, 2024 - 09:00am to 12:30pm CST
Thu, Jan 09, 2025 - 04:00pm to 07:30pm CST
Wed, Jan 22, 2025 - 08:00am to 11:30am CST
Thu, Feb 13, 2025 - 10:00am to 01:30pm CST
Mon, Feb 24, 2025 - 12:00pm to 03:30pm CST
Fri, Mar 07, 2025 - 02:00pm to 05:30pm CST
Thu, Mar 20, 2025 - 06:00pm to 09:30pm CDT
Sat, Apr 05, 2025 - 08:00am to 11:30am CDT
Tue, Apr 29, 2025 - 10:00am to 01:30pm CDT
Fri, May 09, 2025 - 12:00pm to 03:30pm CDT
Sat, May 10, 2025 - 09:00am to 12:30pm CDT
Thu, May 22, 2025 - 06:00pm to 09:30pm CDT
Thu, Jun 05, 2025 - 04:00pm to 07:30pm CDT
Sat, Jun 14, 2025 - 08:00am to 11:30am CDT
Mon, Jun 23, 2025 - 10:00am to 01:30pm CDT

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For

External and Internal Auditors; Fraud Examiners


Original Recording Date 10/2022
Course Developer Dennis F. Dycus
Date Added to Catalog 09/20/2022
Yellow Book No

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199). 


Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method

Group Internet Based


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


Promo Video

Reviews

5
4
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2
1

Overall:      4.7

Total Reviews: 18

Comments

Christopher L

"Mr. Dycus did a great job explaining this material in a thorough and understandable manner "

Joseph T

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Calvin S

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Caroline R

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