Auditing Bits in BytesT Session 6: Engagement Wrap-Up
Overview:
Auditing Bits in BytesT - A Practical Break-Down of "Real World" Best Practices Applied in Highly Successful Audits is a series of eight individual sessions that guide 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. Attempting to perform an effective and efficient audit can be intimidating and confusing, for new and experienced auditors alike. This series will provide valuable tips and techniques from an experienced auditor that are needed to successfully design and perform financial statement audits in "real-life" circumstances. 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.
This 2-hour session focuses on all activities that occur during the wrap-up phase of the engagement. This aspect of an audit engagement is where all good intentions are at risk of unraveling and creating deficiencies in audit quality and compliance with professional and regulatory standards.
Objectives:
Learning Outcomes
- Recognize how lack of audit documentation may unravel all good intentions as it relates to audit quality and profitability
- Identify circumstances where modification of the standard audit report would be appropriate
- Recall all activities that occur during the engagement wrap-up phase of the engagement, which includes general audit procedures, audit report drafting, and audit report release
Major Topics:
Key Topics
- Audit Documentation - Key considerations in quality control
- Audit Report Dating - How to handle "real-life" issues/concerns encountered by firms (e.g., issuing multiple audit reports with an appropriate audit report date, subsequent events identified after audit report date but prior to report release date, sufficiently fulfilling the document completion date requirements, etc.)
- Audit Report Modifications - Appropriate circumstances to add emphasis-of-matter or other-matter paragraphs, or when to modify the opinion
- General Procedures Considerations: Going Concern, Subsequent Events, Attorney's Letters, Management Representation Letter, and more!
- 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.
Designed For:
Who Will Benefit
- Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards.