What external auditors do: The audit process continued

This is the third video in our three-part series. These videos describe the roles and responsibilities of external auditors, helping audit committees properly evaluate their work.

This final video in the three-part series provides a deeper look into the audit process, to help audit committee members and other interested parties gain a better understanding of the roles and responsibilities of an external auditor.

This video covers:

  • auditor's role in assessing risks of material misstatement, and how to mitigate
  • audit committee's role in comparing their understanding of risks to those identified by author
  • audit plan: nature, timing, and extent of procedures
  • what happens if a material misstatement is identified
  • test of controls, procedures, and substantive analytical procedures
  • the audit committee's role in:


  • audit committee and board members of Canadian public companies
  • management
  • external auditors