Course ID: PCE4

Planning Cost Efficient And Effective Audits

Good realization on an audit must be planned – it doesn’t just happen! While planning often is viewed as merely a compliance requirement, firms that enjoy profitable audits know that planning is the key. This program will illustrate the professional standard requirements of audit planning and documentation. Case studies will illustrate how those requirements can be applied to identify how to utilize the budgeted time more efficiently and effective. Engagements must be planned and managed throughout the process to also be profitable.


LEARNING OBJECTIVES
  • Participants will be able to plan an engagement following the risk assessment standards.

MAJOR TOPICS
  • Using knowledge of the client and its industry to identify risk areas
  • Entity vs. activity level controls
  • Understanding the difference between the required understanding of the internal control, required walkthroughs and testing controls for reliance
  • Identifying risks at assertion level
  • Applying fraud risk assessment and brainstorming discussion
  • Developing expectations and using analytical procedures
  • Summarizing significant and material risks to be addressed by further audit procedures

DESIGNED FOR
CPAs in public practice.

FIELD OF STUDY
Auditing

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
4.0

LEVEL
Basic

This course is available for your group as:

Group Live
 

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