AWPD
SURGENT McCOY'S AUDIT WORKSHOP:
BEST PRACTICES IN PLANNING & DESIGNING A HIGH-QUALITY AND PROFITABLE AUDIT
The new Risk Assessment SASs provide enhanced standards and guidance regarding an auditor’s application of the existing audit risk model, and the resulting design and performance of audit procedures whose nature, timing, and extent are responsive to the assessed risks. Correct application of the new SASs should result in more effective (and, surprisingly, in some cases more efficient) audits. When designing your audit plan, how and where you decide to spend your time is largely a matter of professional judgment. With an increased focus on minimizing the risk that auditors will fail to detect material misstatement due to either fraud or error in financial statements, it is more important than ever that accountants challenge what they are doing on audits and why. Critically rethinking how you plan and design your audit not only ensures that you are doing an effective audit, but often has the added benefit of discovering ways to improve efficiency as well! The proven tips and techniques taught in this course will enhance quality and help you manage profitability on all your audit clients, covering topics relevant to for-profit business enterprises, nonprofits, and local governments.
Major topics include:
- Understand the impact of the new risk assessment-related SASs effective for audits of periods beginning on or after December 15, 2006.
- Understand the various types of risk on an engagement.
- Practice properly assessing inherent, audit, and fraud risk on an engagement.
- Compare and contrast typical risk assessments related to for-profit, nonprofit, and local government clients.
- Learn how to tailor your audit plan based on risk-assessment and client-service goals, regardless of entity type.
- Discover effective and efficient work-paper documentation techniques.
- Compare work-paper documentation standards for various types of audits (including SAS 103, PCAOB and Yellow Book).
- Understand how to use the work-paper review process as a tool for producing a higher quality and more profitable engagement.
- Master 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!
Designed for: Experienced staff and above in public accounting who wish to learn how to perform a better audit, as well as comply with the new SASs. While this course qualifies for Yellow Book CPE credits, it is also highly applicable to audits of for-profit companies.
Level of knowledge: Intermediate
Field
of study: Auditing
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