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Leveraging the Financial Statement Audit to Add Value to the Client (LFSA)

  • Format Live Seminar
  • Credits 8
  • Level Advanced
  • Field of Study Auditing (8)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course


Financial statement audit engagement teams must enhance engagement team audit risk brainstorming, client discussions, results of preliminary analytic procedures, and other audit evidence obtained in order to create a high-quality and profitable audit approach. In addition, in order to retain existing clients, lower fee pressures, and gain invaluable referral sources, financial statement auditors must also place a priority on being a value-added business advisor. This course provides proven tips and techniques for ensuring your firm has the capacity to grow and expand your 'book of business' in a healthy way.

Major Topics

  • Tailoring the detailed audit plan based on risk assessments for a more effective and efficient audit
  • How to build trust with the client to be a better business advisor
  • Best practices for leveraging engagement team discussions to better understand the entity and its environment, identify risk of material misstatement, and provide value-added business advice
  • Reviewing workpapers for engagement quality control and avoiding peer review risks
  • Detecting earnings management and others risks through analytic procedures
  • How to better connect with existing and prospective clients in order to build value perceptions and differentiate your firm from the competition
  • Explaining how to communicate financial results and analysis to the client
  • Tips for cross-selling services

Learning Objectives

  • Properly link the detailed audit plan to assessed risk of material misstatement
  • Explain how to anticipate and prevent issues that could negatively impact the client’s operations and financial reporting
  • Discuss the importance of making value-added business advice to clients a priority
  • Describe how to leverage substantive analytic procedures as audit evidence, but also to help the client with financial analysis
  • Be familiar with required quality control standards related to attest engagements
  • Discuss what differentiates your firm and its services from the competition, in order to retain existing clients and successfully
    market to prospective clients
  • Be familiar with the results of the numerous case studies, exercises and illustrations that reinforce key learning points throughout the course

Who should take this course:

Supervisors and above in public accounting who wish to learn how to leverage the time spent on the financial statement audit to become a value-added business advisor

Experience in the audit function







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