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Level 7 Diploma in Accounting and Finance

Audit Risk Mitigation and Response Design

AF705 · Strategic Audit — Week 7 of 16

CourseAF705
Week7 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Audit Risk Mitigation and Response Design

  1. Substantive analytical procedure formulation
  2. Test of controls and automated control evaluation
  3. Detection risk reduction strategies and sampling methodologies
  4. Mitigating engagement-level and professional litigation risk
  5. Technologies Disrupting Financial Audit Process

What you will be able to do

  • 4.2 Analyse appropriate measures to minimise identified risk.

Activity

Start with this week’s video, then: Seminar, guided reading and a short written task: analyse appropriate measures to minimise identified risk.

Study materials

Videos

  • Technologies Disrupting Financial Audit Process · YouTube · SANS Institute · 60 min · for registered students
  • Excel dynamic arrays for audit sampling · YouTube · ICAEW · 18 min · for registered students
  • ICAEW Insights In Focus: AI in audit - the good, the bad and the ugly · YouTube · ICAEW · 40 min · for registered students

Further resources

  • ISA (UK) 315: Identifying and Assessing the Risks of Material Misstatement (updated September 2025) · PDF · Frc, framework · for registered students
  • ISA (UK) 200: Overall Objectives of the Independent Auditor (updated September 2025) · PDF · Frc, framework · for registered students
  • UK Corporate Governance Code 2024 · PDF · Frc, guidance; 19 pages · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
Week 6Midterm
Course chat

Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

Open this week in the portal
Course plan
  • Week 1: Evolution of Auditing Regulation
  • Week 2: Ethics and Professional Conduct in Assurance
  • Week 3: Legal and Statutory Responsibilities of Auditors
  • Week 4: Financial Statement Preparation and Audit Linkages
  • Week 5: Strategic Audit Planning and Business Organisation
  • Week 6: Audit Risk Identification and Assessment
  • Week 7: Audit Risk Mitigation and Response Design
  • Midterm: Midterm evaluation
  • Week 9: Audit Monitoring and Engagement Quality Control
  • Week 10: Technological Disruptions in Strategic Auditing
  • Week 11: Emerging Assurance Horizons and Regulatory Reforms
  • Week 12: Applying Strategic Audit in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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