This 2-hour session focuses on performing the substantive audit procedures outlined in the detailed audit plan. Common deficiencies in performing and documenting these further audit procedures will be discussed.
- 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
- Nature, Timing & Extent of Substantive Testing – How to gather sufficient and appropriate audit evidence to support the audit opinion
- 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
- Sampling Considerations – Common misunderstandings related to designing, performing and concluding on tests of details
- 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
Business Learning Institute
Professional Area of Focus
T Shaped Professional Strategic and Critical Thinking
Who Should Attend
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.
Register for this Course
Auditing Bits in Bytes™ Session 5: Substantive Testing