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Live Webcast Replay

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

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
Access for 30 day(s) after program date.

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


This presentation is an overview of the statement.  An auditor may perform an audit in accordance with all of the standards (except AU 315) and still perform a substandard audit.  If one does not know the usual types of transactions an entity has, one will not recognize an unusual transaction because they failed to obtain an understanding of the entity and the environment it operates in.  Even the environment an entity operates is can create risk of a material misstatement that the auditor must be aware of.  This program addresses the many procedures an auditor is required to perform and document relating to his/her understanding of the entity and its environment.

Basic Course Information

Learning Objectives
  • Defining and analyzing the entity
  • Defining and analyzing the environment
  • Evaluating internal controls on every audit in on order to access risk
  • Assessing the risk related to a material misstatement
  • Analyzing the Tone At The Top
  • Defining the concept of Materiality

Major Subjects
  • Auditing
  • Fraud

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, Dec 20, 2021 - 11:00am to 01:43pm MST
Sat, Jan 15, 2022 - 08:00am to 10:43am MST
Tue, Jan 25, 2022 - 12:00pm to 02:43pm MST
Thu, Feb 10, 2022 - 08:00am to 10:43am MST
Wed, Feb 23, 2022 - 12:00pm to 02:43pm MST
Sat, Mar 19, 2022 - 08:00am to 10:43am MDT
Wed, Mar 30, 2022 - 12:00pm to 02:43pm MDT
Wed, Apr 13, 2022 - 08:00am to 10:43am MDT
Thu, Apr 21, 2022 - 12:00pm to 02:43pm MDT
Wed, May 11, 2022 - 08:00am to 10:43am MDT
Tue, May 31, 2022 - 05:00pm to 07:43pm MDT
Mon, Jun 13, 2022 - 08:00am to 10:43am MDT
Thu, Jun 30, 2022 - 12:00pm to 02:43pm MDT

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For External and Internal Auditors; Fraud Examiners
Original Recording Date 06/26/2019
Yellow Book No
Course Developer Dennis Dycus
Date Added to Catalog 06/10/2019

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:      4.4

Total Reviews: 41


Edward C - WESTERN SPRINGS, Illinois

"Great speaker, very knowledgement"

Maria S

"One of the best presentations I have sat through in ages. He was very good. I also liked the humor he threw in."

Sherilyn C

"This is my first course. It was informative and easy listen and follow along."

Jeffrey W - Pittsgrove, New Jersey

"Very good course. Mr. Dycus is excellent at providing actual examples to illustrate a point."

Kemon D

"Very excellent program. "

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