By far, the most significant contributing factor that leads to a profitable yet high-quality financial statement audit is the proper identification, evaluation, and response to the assessed risk of material misstatement. When designing your detailed audit plan, how and where you decide to spend your time is mostly a matter of professional judgment. An essential element of understanding proven tips and techniques for critically rethinking how you plan and design your audit taught in this seminar will help auditors enhance audit quality and manage profitability on all engagements.