Course ID: ABB-MAIN

Auditing Bits in Bytes: Eight-Part Series

Auditing Bits in Bytes™ – A Practical Break-Down of “Real World” Best Practices Applied in Highly Successful Audits is an eight-part series that guides professionals through the complete audit process from “A to Z” – starting with Pre-Engagement Planning Activities, and going all the way through Wrap-up and Quality Control.

Attempting to perform an effective and efficient audit can be intimidating and confusing, for new and experienced auditors alike. This series 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 will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement.

This program is available in both group live (can be customized to client needs and timeframe) and e-Learning (2-hour on-demand modules) formats.


LEARNING OBJECTIVES
  • – ABB Session 1: Pre-Engagement Planning Activities –
  • 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
  • – ABB Session 2: Preliminary Planning Activities –
  • 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
  • – ABB Session 3: Internal Control Considerations –
  • 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
  • – ABB Session 4: Assessing and Responding to Risk –
  • Describe how to properly identify, evaluate, document and respond to risks of material misstatement due to either fraud or error
  • Recognize best practices for effective and efficient engagement team discussions and other risk assessment activities
  • Identify how to link assessed risk of material misstatement to the design of the nature, timing and extent of further audit procedures
  • – ABB Session 5: Substantive Testing –
  • 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
  • – ABB Session 6: Engagement Wrap-Up –
  • 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
  • – ABB Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies –
  • 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
  • – ABB Session 8: Engagement Wrap-up and Quality Control Considerations –
  • 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

MAJOR TOPICS

Series Modules:

  • ABB Session 1: Pre-Engagement Planning Activities
  • ABB Session 2: Preliminary Planning Activities
  • ABB Session 3: Internal Control Considerations
  • ABB Session 4: Assessing and Responding to Risk
  • ABB Session 5: Substantive Testing
  • ABB Session 6: Engagement Wrap-Up
  • ABB Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies
  • ABB Session 8: Engagement Wrap-up and Quality Control Considerations

DESIGNED FOR
Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards

FIELD OF STUDY
Auditing

PREREQUISITES
None

COURSE PRODUCER
Business Learning Institute

CPE CREDITS
16.0

LEVEL
Basic

This course is available for your group as:

Group Live On-Demand
 

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Or, contact BLI: 888-481-3500 or learn@blionline.org