How to Get a Better Return on Financial Statement Audits - Avoiding the Most Misapplied Risk-Based Audit Concepts
8.00 Credits
Member Price $225
Non-Member Price $275
Overview
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. The 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 in all engagements.
Highlights
- Properly assessing inherent, control, and fraud 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 (for-profit, nonprofit, governmental)
- Leveraging strong substantive analytic procedures as audit evidence to cut back on tests of details
- The most common efficiency opportunities for tailoring your audit approach based on risk
- How to use the workpaper review process as a tool for producing a more effective and efficient engagement
- Using audit documentation to enhance audit quality, while ensuring every workpaper has a purpose
- How to use the client to your advantage in planning and performing the audit
- Learn how to get the engagement out the door – on time and on budget!
Prerequisites
None
Designed For
Any financial statement auditor who wishes to learn how to be more effective and efficient on engagements
Objectives
- Recognize how the nature, timing, and extent of planned audit procedures can (and should) vary commensurate with assessed risk of material misstatement
- Recall how workpaper review is a critical tool for promoting audit effectiveness and efficiency
- List tips for strengthening the design, documentation and evaluation of substantive analytic procedures
- Explain the impact that strong client and engagement management can have on improving profitability
Preparation
Experience in basic audits
Leader(s):
Leader Bios
Jennifer Louis, Business Learning Institute
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 parttime basis.
Most recently, Ms. Louis was executive vice president / director of trainingServices 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.
Non-Member Price $275
Member Price $225