Auditing Bits in Bytes™ Session 2: Preliminary Planning Activities

Online Course Available 24/7 CPE: 2.0 Format: On-Demand
COURSE DESCRIPTION

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. This phase of the engagement sets the stage for how much effort will be invested in evaluating the design and implementation of internal controls (which is covered in Session 3 of this series). Key professional judgments made at this stage provide the foundation and rationale for risk assessment conclusions that are ultimately used to design the nature, timing and extent of further audit procedures (which is covered in Session 4 of this series). One of the most important learning points that participants will take away from this session will be the recognition that these preliminary activities are not just “check off the box” tasks, but are critical to early judgment calls about risk of material misstatement, which directly influences the audit effectiveness and efficiency.

Develop a game plan for successful audits, learn more about MACPA’s Auditing Bits in Bytes™.

LEARNING OBJECTIVES
Upon completion of this course, participants will be able to:
Recognize how preliminary planning and risk assessment activities are not just “check off the box” tasks, but meaningful judgments that directly influence audit effectiveness
Describe the initial information that should be gathered about the entity and its’ environment to have a proper basis for important decisions made in early planning and risk assessment
Recognize the importance of key materiality and performance materiality judgments, and resulting impact on risk assessment and the detailed audit plan
Describe how proper preliminary analytic review sets the stage for how much audit effort will be spent on the engagement
Identify ways to avoid common deficiencies in identifying and responding to fraud risk on the audit
Describe the factors that should be considered when designating significant audit areas
MAJOR TOPICS
Gaining an Understanding of the Entity & Environment - What should be documented and how it relates to identifying areas of higher risk of material misstatement
Materiality & Performance Materiality - How these are not just rote calculations on a standard form, but important and key decisions that set the stage for conclusions throughout the entire audit
Preliminary Analytic Procedures - Why this analysis assists the auditor in identifying significant audit areas and "what could go wrong" in the client's financial statements due to fraud or error
Fraud Risk Considerations - Common peer review deficiencies identified related to these important required procedures
Identifying Significant Audit Areas - How to identify significant accounts, classes or transactions and disclosures, and what that means to further risk assessment procedures
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
COURSE DETAILS
PROFESSIONAL AREAS OF FOCUS
Accounting & Auditing
CPE FIELD OF STUDY
Auditing (2.0 Credits)
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.
INSTRUCTOR(S)
Jennifer Louis
PREREQUISITES
None
COURSE LEVEL
Basic

MACPA MEMBER


$ (% off)
$75.00
Price includes $xx early registration discount(s) - expires xx/xx

NON-MEMBER


$ (% off)
$90.00
Price includes $xx early registration discount(s) - expires xx/xx
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