NABB
THE TOP 50 NONPUBLIC AUDIT BLOOPERS AND BLUNDERS AND HOW TO FIX THEM

The business risk to auditors of nonpublic entities is greater now more than ever. Making a major error on engagements can be more than just embarrassing; it can mean bad publicity, loss of reputation and clients, significant lawsuit settlements, and potential revocation of your professional license. Both unintentional and intentional mistakes can have serious negative consequences on your practice’s ability to continue as a going concern. Protect yourself. Avoid common slip-ups by learning from the past real-life mistakes of other experienced professionals.  

Major Topics:  

This course will cover a host of real-life issues related to the following topic areas in an engaging and fun way:

• Minimizing the risk of violating independence and ethics rules
• Gaining an appropriate understanding with the client regarding the scope and terms of the engagement, including responsibilities of both parties
• Sufficiently assessing the risk of fraud – particularly fraudulent financial reporting and management override of controls
• Adequately gaining an understanding of the client and its industry, including internal controls
• Understanding the impact of ignoring the significant risks on engagements and failure to adequately alter detailed audit plans
• Properly evaluating the underlying business purpose of related-party transactions
• Making sound judgments about gaining sufficient and appropriate audit evidence, and meeting the minimum workpaper standards
• Properly designing, documenting and evaluating the results of analytical procedures
• Avoiding confirmation gaffes
• Properly applying the concept of materiality and tolerable misstatement to design and evaluate the results of audit procedures
• Understanding the implications of communication miscues with the Board of Directors and those charged with corporate governance
• Improving quality control reviews for small firms and sole practitioners

Designed For: CPAs who wish to get a broader insight into nonpublic company auditing by understanding the significant mistakes professionals regularly make and how to avoid them.

What You Will Learn:

• You will gain a greater awareness of common deficiencies and significant peer review comments in audits of nonpublic companies
• You will learn tips and techniques that will help you avoid making major mistakes that could result in peer review comments or legal liability

Level of Knowledge: Intermediate

Field of study: Auditing