By far, the biggest contributing factor that leads to a profitable, yet high quality, financial statement audit is the proper identification, evaluation, and response to assessed risk of material misstatement. When designing your detailed audit plan, how and where you decide to spend your time is largely a matter of professional judgment. An important element of gaining an understanding proven tips and techniques for critically rethinking how you plan and design your audit taught in this course will help auditors enhance audit quality and manage profitability on all engagements.
- Describe how the nature, timing, and extent of planned audit procedures can (and should) vary commensurate with assessed risk of material misstatement
- Explain common deficiencies in performing and documenting further audit procedures, including tests of details
- Describe tips for strengthening the design, documentation and evaluation of substantive analytic procedures
- Describe how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit
- Risk Assessment – Properly assessing inherent, control, and detection risk on an engagement, and linking the results to an appropriately tailored detailed audit plan based on risk assessment and client service goals, regardless of entity type
- Substantive Analytics- Leveraging strong substantive analytic procedures as audit evidence to cut back on tests of details
- Selecting Items to Test – Common misunderstandings related to designing, performing and concluding on tests of details, including sampling
- Identifying & Evaluating Internal Control Deficiencies – Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material
Business Learning Institute
Professional Area of Focus
Who Should Attend
Any financial statement auditor who wishes to learn how to be more effective and efficient on engagements.
Experience in the basic audit process
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General Conference Auditing Service – Avoiding the Four Most Misapplied Financial Statement Audit Concepts