Auditing Bits in Bytes™ – A Practical Break-Down of “Real World” Best Practices Applied in Highly Successful Audits is a series of eight individual sessions that guide 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.
Auditing Bits in Bytes™ Session 1: Pre-Engagement Planning Activities: This 2-hour session is designed to provide participants with a solid understanding of the important judgment calls that are made before the audit engagement even begins.
Auditing Bits in Bytes™ Session 2: Preliminary Planning Activities: This 2-hour session focuses on the initial information that is gathered and important conclusions that are reached at the on-set of engagement planning and the performance of certain risk assessment procedures.
Auditing Bits in Bytes™ Session 3: Internal Control Considerations: This 2-hour session focuses on important internal control considerations. This includes both evaluating the design and implementation of internal controls, which is required on all engagements.
Auditing Bits in Bytes™ Session 4: Assessing and Responding to Risk: This 2-hour session focuses on how to appropriately identify, evaluate, document and respond to risks of material misstatement due to either fraud or error in order to effectively and efficiently design the nature, timing and extent of further audit procedures (tests of controls for operating effectiveness and substantive audit procedures).
Auditing Bits in Bytes™ Session 5: Substantive Testing: 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.
Auditing Bits in Bytes™ Session 6: Engagement Wrap-Up: This 2-hour session focuses on all activities that occur during the wrap-up phase of the engagement. This aspect of an audit engagement is where all good intentions are at risk of unraveling and creating deficiencies in audit quality and compliance with professional and regulatory standards.
Auditing Bits in Bytes™ Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies: This 2-hour session 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.
Auditing Bits in Bytes™ Session 8: Engagement Wrap-up and Quality Control Considerations: This 2-hour session emphasizes the key activities that ensure that appropriate quality control procedures were performed on the financial statement audit.