Course ID: ABB5

Auditing Bits in Bytes Session 5: Performing Meaningful Substantive Testing

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)


LEARNING OBJECTIVES
  • Describe how to perform the substantive audit procedures comprising the detailed audit plan
  • Explain common deficiencies in performing and documenting further audit procedures, including both tests of details and substantive analytic procedures
  • Apply professional judgment and best practices for an effective and efficient audit

MAJOR TOPICS
  • Nature, Timing & Extent of Substantive Testing – How to gather sufficient and appropriate audit evidence to support the audit opinion
  • Sampling Considerations – Common misunderstandings related to designing, performing and concluding on tests of details
  • Substantive Analytic Review – Typical deficiencies in designing, documenting and leveraging audit evidence gathered through these further audit procedures
  • Confirmations – Mistakes made in designing and evaluating the results of third-party confirmations as a form of persuasive audit evidence
  • 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.

DESIGNED FOR
Public accountants interested in increasing the quality and profitability of audit engagements

FIELD OF STUDY
Auditing

PREREQUISITES
None

COURSE PRODUCER
Business Learning Institute

CPE CREDITS
2.0

LEVEL
Basic

This course is available for your group as:

Group Live On-Demand
 

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