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Overview

8.0 Credits
ONLINE

Recent new auditing standards are designed to improve overall audit quality. Address the most common misapplied audit concepts in planning and performing effective and efficient financial statement audits.

Objectives

• List how the nature, timing, and extent of planned audit procedures can (and should) vary commensurate with assessed risk of material misstatement
• Explain common deficiencies in performing and documenting further audit procedures, including  tests of details
• Recall tips for strengthening the design, documentation and evaluation of substantive analytic procedures
• Recognize how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit

Major Topics

• Risk Assessment - Properly assessing inherent, control, and detection risk on an engagement, and linking the results to an appropriately tailored detailed audit plan based on risk assessment and client service goals, regardless of entity type
• Substantive Analytics- Leveraging strong substantive analytic procedures as audit evidence to cut back on tests of details
• Selecting Items to Test – Common misunderstandings related to designing, performing and concluding on tests of details, including sampling 
• Identifying & Evaluating Internal Control Deficiencies – Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material for impact on the audit or required communications with management and those charged with governance

Prerequisite

 
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