Auditing Bits in Bytes™ Session 2: Preliminary Planning Activities

Overview

This 2-hour session focuses on the initial information that is gathered and important conclusions that are reached at the onset of engagement planning and the performance of certain risk assessment procedures.

Highlights

Key Topics

• Gaining an Understanding of the Entity & Environment - What should be documented and how it relates to identifying areas of higher risk of material misstatement
• Materiality & Performance Materiality - How these are not just rote calculations on a standard form, but important and key decisions that set the stage for conclusions throughout the entire audit
• Preliminary Analytic Procedures - Why this analysis assists the auditor in identifying significant audit areas and "what could go wrong" in the client's financial statements due to fraud or error
• Fraud Risk Considerations - Common peer review deficiencies identified related to these important required procedures
• Identifying Significant Audit Areas - How to identify significant accounts, classes or transactions and disclosures, and what that means to further risk assessment procedures
• Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

Prerequisites

None

Designed For

Who Will Benefit

Anyone who is new to auditing or desires a refresher on how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards