Auditing Bits & Bytes – Pre-Engagement Planning Activities with Jennifer Louis 

Learning Objectives:

• Describe the important activities that are performed before the audit engagement even begins, such as gathering information about engagement risk
• Explain the important considerations in making engagement acceptance and continuance decisions, including evaluating independence
• Define what should be communicated when establishing and understanding with the client, including when nonattest services are provided for an attest client
• Recognize the professional judgments made early in the audit that establish the foundation for a high quality and profitable engagement, including initial and group financial statement audit engagements

Auditing Bits & Bytes – Substantive Testing with Jennifer Louis 

Learning Objectives:

• Identify steps to design and perform substantive audit procedures comprising the detailed audit plan
• Identify common deficiencies in performing and documenting further audit procedures, including both tests of details and substantive analytic procedures
• Recognize how to comply with specific requirements for extended tests of details performed to address higher risk of material misstatement, including external confirmation and sampling

Auditing Bits & Bytes – Engagement Wrap-up and Quality Control Considerations with Jennifer Louis 

Learning Objectives:

• Identify how to leverage the audit documentation and review process to ensure a quality and profitable engagement
• Describe key activities that ensure appropriate quality control procedures were performed on the financial statement audit
• Recognize common peer review deficiencies that quality control policies and procedures should seek to avoid

Auditing Bits & Bytes – Preliminary Planning Activities with Jennifer Louis 

Learning Objectives:

• Recognize how preliminary planning and risk assessment activities are not just “check off the box” tasks, but meaningful judgments that directly influence audit effectiveness
• Describe the initial information that should be gathered about the entity and its’ environment to have a proper basis for important decisions made in early planning and risk assessment
• Recognize the importance of key materiality and performance materiality judgments, and resulting impact on risk assessment and the detailed audit plan
• Describe how proper preliminary analytic review sets the stage for how much audit effort will be spent on the engagement
• Identify ways to avoid common deficiencies in identifying and responding to fraud risk on the audit
• Describe the factors that should be considered when designating significant audit areas

Auditing Bits & Bytes – Engagement Wrap-Up with Jennifer Louis 

Learning Objectives:

• Recognize how lack of audit documentation may unravel all good intentions as it relates to audit quality and profitability
• Identify circumstances where modification of the standard audit report would be appropriate
• Recall all activities that occur during the engagement wrap-up phase of the engagement, which includes general audit procedures, audit report drafting, and audit report release

Auditing Bits & Bytes – Internal Control Considerations with Jennifer Louis 

Learning Objectives:

• Describe the requirement to evaluate the design and implementation of internal control as part of the risk assessment process
• Identify the considerations when deciding whether it is necessary or desirable to test the operating effectiveness of internal controls to reduce assessed risk of material misstatement
• Recognize special considerations, such as use of service organization control reports or varying audit objectives

Auditing Bits & Bytes – Identifying, Evaluating and Communicating Internal Control Deficiencies with Jennifer Louis 

Learning Objectives:

• Describe how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit
• Recognize considerations in properly categorizing internal control deficiencies as an inconsequential matter, significant deficiency, or material weakness
• Identify significant audit matters to communicate with those charged with governance
• Recognize ways for reporting entities to assume greater responsibility for internal control over financial reporting