Skip to main content
Live Webcast Replay

Measuring Audit Risks

Total Credits: 3 including 3 Auditing- Technical

Average Rating:
Accounting and Auditing |  ACPEN Industry Institute
Dennis F. Dycus, CFE, CPA, CGFM
Course Levels:
3 Hours
Product Setting: Expires 30 day(s) after program date.

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


In order not to perform an excessive number of audit procedures (over audit) auditors must perform procedures in order to determine in what areas are there weak internal controls that could result in a risk that the financial statements would be materially misstated and not be detected.  SAS No. 122, AU 300 – 499, Measuring Audit Risk provides guidance as well as required procedures that must be performed in every audit in order to determine the risk of material misstatement.  No longer can the auditor state that they assess the risk of material misstatement at maximum without having a basis for making such assessment.  As a result, the standards now require that the auditor make such an assessment of a material misstatement of the financial statement on every audit in order to have a basis for such assessment.  This program is an overview of the statement documentation requirements in assessing such a risk.

Basic Course Information

Learning Objectives
  • Plan the audit objective
  • Determine the scope, timing and direction of the audit
  • Understand the importance of SAS No. 122, AU 315, Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement
  • Evaluate the Tone At the Top
  • Recognize how the Tone At the Top relates to audit risk
  • Distinguish between a significant risk and a material risk
  • Apply the concept illustrated by The Big Monkey Theory
  • Documenting the process of determining audit risks

Major Subjects
  • The planning process – When it starts and when it ends
  • Determining the audit objectives
  • The importance of the nature, timing and extent of the audit process
  • The importance of professional skepticism
  • The preliminary engagement activities
  • Documentation of audit risk
  • Determining materiality

Course Materials


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.


Mon, Jul 29, 2024 - 12:00pm to 02:49pm EDT
Mon, Aug 05, 2024 - 02:00pm to 04:49pm EDT
Fri, Aug 23, 2024 - 04:00pm to 06:49pm EDT
Mon, Sep 16, 2024 - 10:00am to 12:49pm EDT
Sat, Sep 28, 2024 - 10:00am to 12:49pm EDT
Mon, Sep 30, 2024 - 12:00pm to 02:49pm EDT
Mon, Oct 14, 2024 - 02:00pm to 04:49pm EDT
Thu, Oct 31, 2024 - 04:00pm to 06:49pm EDT
Mon, Nov 04, 2024 - 10:00am to 12:49pm EST
Thu, Nov 21, 2024 - 07:00pm to 09:49pm EST
Thu, Dec 05, 2024 - 02:00pm to 04:49pm EST
Mon, Dec 16, 2024 - 04:00pm to 06:49pm EST
Sat, Dec 21, 2024 - 10:00am to 12:49pm EST
Thu, Dec 26, 2024 - 06:00pm to 08:49pm EST
Mon, Jan 06, 2025 - 02:00pm to 04:49pm EST
Sat, Jan 18, 2025 - 11:00am to 01:49pm EST
Wed, Jan 29, 2025 - 04:00pm to 06:49pm EST
Wed, Feb 12, 2025 - 10:00am to 12:49pm EST
Fri, Feb 21, 2025 - 12:00pm to 02:49pm EST
Tue, Mar 11, 2025 - 02:00pm to 04:49pm EDT
Sat, Mar 22, 2025 - 04:00pm to 06:49pm EDT
Tue, Apr 08, 2025 - 10:00am to 12:49pm EDT
Mon, Apr 28, 2025 - 12:00pm to 02:49pm EDT
Mon, May 12, 2025 - 02:00pm to 04:49pm EDT
Fri, May 23, 2025 - 04:00pm to 06:49pm EDT
Fri, Jun 06, 2025 - 10:00am to 12:49pm EDT
Fri, Jun 20, 2025 - 12:00pm to 02:49pm EDT
Sat, Jun 21, 2025 - 11:00am to 01:49pm EDT
Mon, Jun 30, 2025 - 02:00pm to 04:49pm EDT

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For

External and internal auditor, 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., (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:

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 if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 

Promo Video



Overall:      4.7

Total Reviews: 61


Becky O

"What a lovely speaker! Actually held my attention for the entire 3 hours, until 10pm!!! Great presentation, loved his style."

Raymond C - howell, Michigan

"This was the most concise and informative CPE that i have ever attended on this subject. Great examples and entertaining presentation. Know your client and the users of the FS. Materiality is defined by public perception. "

Jeffrey V

"Thanks so much for the informative presentation."

Bridget R

"I was skeptical whether this course would hold my attention for the full 3 hours. It definitely did and I look forward to other courses hosted by Dennis. He did a great job. "

Roger S

"Appreciated Dennis' comments on fraud and public perception of fraud. Thank you."