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.
- Upon completion of this course, participants will be able to:
- Recognize how lack of audit documentation may unravel all good intentions as it relates to audit quality and profitability
- Identify circumstances where modification of the standard audit report would be appropriate
- Recall all activities that occur during the engagement wrap-up phase of the engagement, which includes general audit procedures, audit report drafting, and audit report release
- Audit Documentation – Key considerations in quality control
- Audit Report Dating – How to handle “real-life” issues/concerns encountered by firms (e.g., issuing multiple audit reports with an appropriate audit report date, subsequent events identified after audit report date but prior to report release date, sufficiently fulfilling the document completion date requirements, etc.)
- Audit Report Modifications – Appropriate circumstances to add emphasis-of-matter or other-matter paragraphs, or when to modify the opinion
- General Procedures Considerations: Going Concern, Subsequent Events, Attorney’s Letters, Management Representation Letter, and more!
- 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.
Professional Area of Focus
CPE Field of Study
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 (Generally Accepted Auditing Standards and Yellow Book.