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ADDRESS: 901 Dulaney Valley Road, Suite 800
Towson, MD 21204
PHONE: 888-481-3500
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Auditing Bits in Bytes – Segment 2: Planning & Preliminary Risk Assessment Activities – Gathering Information, Necessary to Assess & Respond to RiskCOURSE ID: ABB2
DESCRIPTION

Get a practical break-down of “Real World” best practices applied in highly successful audits. Attempting to perform an effective and efficient audit can be intimidating and confusing, for new and experienced auditors alike. This series of eight individual segments will provide valuable tips and techniques from an experienced auditor that are needed to successfully design and perform financial statement audits in “real-life” circumstances. Extensive illustrative examples and exercises will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement. (1-2 CPE hours)

DESIGNED FOR: Public accountants interested in increasing the quality and profitability of audit engagementsFIELD OF STUDY: AuditingLEVEL: BasicPREREQUISITES: NoneCOURSE PRODUCER: Business Learning InstituteCREDITS: 2.0OBJECTIVES:
  • Describe the initial information that should be gathered in order to have a proper basis for important decisions made in early planning and risk assessment
  • Explain how proper planning sets the stage for how much audit effort will be spent on the engagement
  • Apply professional judgment in identifying risk that will ultimately be used at the basis for designing the detailed audit plan
  • Discuss how preliminary planning and risk assessment activities are not just “check off the box” tasks, but meaningful judgments that directly influence audit effectiveness and efficiency
HIGHLIGHTS:

* Gaining an Understanding of the Entity & Environment – What should be documented and how it relates to identifying areas of higher risk of material misstatement
* Materiality & Tolerable Misstatement – How these are not just rote calculations on a standard form, but important and key decisions that set the stage for conclusions throughout the entire audit
* Preliminary Analytic Procedures – Why this analysis assists the auditor in identifying significant audit areas and “what could go wrong” in the client’s financial statements due to fraud or error
* Fraud Risk Considerations – Common peer review deficiencies identified related to these important required procedures
* Identifying Significant Audit Areas – How to identify significant accounts, classes or transactions and disclosures, and what that means to further risk assessment procedures
* Extensive illustrative examples and exercises will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

Download the 2016 Business Learning Institute Course Catalog DOWNLOAD PDF
Business Learning Institute - Course Catalog
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