Video On-Demand Self Study/ 2 CPE Credits
Auditing Bits in Bytes is a series of eight individual sessions 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. In recent years the Auditing Standards Board has been issuing new and revised Statements on Auditing Standards at its most rapid pace ever, the GAO has been revising Government Auditing Standards in an effort to remain current, the PCAOB separately releases Auditing Standards related to audits of SEC "issuers" that directly influence standards established for "non-issuers," independence rules promulgated by all relevant standard setters have been clarified and enhanced, and Statements on Quality Control Standards for firms performing attestation services have also been revamped and strengthened. This program provides practical tips and best practices for ensuring an effective and efficient financial statement audit in compliance with relevant professional and regulatory standards.
Session 7 of this eight-part series focuses on how to properly fulfill the requirements for identifying, evaluating and communicating internal control deficiencies identified during the course of the financial statement audit.
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 Considering the Impact of Internal Control Deficiencies - The impact on the auditor's conclusions related to risk of material misstatement, sufficient appropriate audit evidence to support the financial statement audit opinion, and independence Communicating Internal Control Deficiencies to Those Charged with Governance - How to fulfill requirements in a way that emphasizes to the client the value and importance of giving proper dedication to understanding, consciously evaluating and concluding on an appropriate response to identified deficiencies Yellow Book & Single Audit Considerations - How these standards differ from what is required under Generally Accepted Auditing Standards SAS No. 114 Considerations - What to communicate and when, including when material weaknesses could lead to independence threats that could be most appropriately mitigated through safeguards put in place by the audited entity
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 (Generally Accepted Auditing Standards and Yellow Book)
Business Learning Institute
About the Author:
Jennifer F. Louis, CPA, has more than 18 years of experience in designing and instructing high-quality training programs. In 2003 she formed Emergent Solutions Group, LLC, serving organizations by providing training services on a project-specific or part-time basis.
Most recently, Ms. Louis was executive vice president / director of training services at AuditWatch, Inc., a premier training and consulting firm serving the audit profession. She began her career at AuditWatch as vice president of product development. Before joining AuditWatch, Ms. Louis was the financial / operational audit manager at AARP.
Ms. Louis also was an audit manager for Deloitte & Touche LLP. During her years at Deloitte & Touche's Washington D.C. office, she was a frequent local and national instructor. She also served as an instructor for the firm's national "Train the Trainers" program.
Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting. She is a member of the American Institute of CPAs and is licensed to practice in the Commonwealth of Virginia.
$79.00 members, $79.00 non-members