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Auditing Bits in Byte Session 2: Preliminary Planning Activities
Start Date (Local)
4/23/2013 9:00:00 AM Eastern (EST/EDT)
4/23/2013 11:00:00 AM Eastern (EST/EDT)
Field of Study
Auditing -- 2 Credits
Auditing Bits in Bytes™ is a series of eight individual sessions that guides professionals through the complete audit process from “A to Z” – starting with Pre-Engagement Planning Activities, and going all the way through Wrap-up and Quality Control.
The auditing profession is undergoing the most significant changes in modern history. Think about it. The Auditing Standards Board issued 14 new Statements on Auditing Standards all effective within two years of each other, the GAO revised Government Auditing Standards (twice!) in 2007, the PCAOB has six additional Auditing Standards related to audits of SEC “issuers” that directly influenced standards established for “non-issuers”, independence rules promulgated by all relevant standard setters have been clarified and enhanced, and Statements on Quality Control Standards for firms performing attestation services have also been revamped and strengthened. Whew! That is a lot! And to think that professionals complained about being confused before all these changes occurred!?! All professionals, both those that are new to performing financial statement audits and those with previous experience, can benefit from focused training that walks participants through the complete audit process from “A to Z”, providing practical tips and best practices for ensuring an effective and efficient financial statement audit in compliance with relevant professional and regulatory standards
Session 2 of this eight-part series focuses on the initial information that is gathered and important conclusions that are reached at the on-set of engagement planning and the performance of certain risk assessment procedures. This phase of the engagement sets the stage for how much effort will be invested in evaluating the design and implementation of internal controls (which is covered in Session 3 of this series). Key professional judgments made at this stage provide the foundation and rationale for risk assessment conclusions that are ultimately used to design the nature, timing and extent of further audit procedures (which is covered in Session 4 of this series). One of the most important learning points that participants will take away from this session will be the recognition that these preliminary activities are not just "check off the box" tasks, but are critical to early judgment calls about risk of material misstatement (which directly influences the audit effectiveness and efficiency).