how and why o Understand the fraud risk assessment process Assessing the Risk of Material Misstatement o Know how the auditor assesses the risk of material misstatement o Understand the fraud risk assessment process. o Understand the auditor's risk assessment process. Audit Risk o Know the form and components of the audit risk model o Understand how to use the audit risk model o Know how to respond to the results of the risk assessments o Know the fraud risk assessment process. The Auditor's Response to the Results of the Risk Assessments o Understand how the auditor assesses the risk of material misstatement o Understand how to respond to the results of the risk assessments Communications about Fraud to Management, the Audit Committee, and Others o Learn the auditor's communication requirements about fraud to management, the audit committee, and others