Auditing Smarter, Not Harder (Currently Unavailable)

Author: Richard H. Gesseck

CPE Credit:  2 hours for CPAs

Several suggestions to comply with auditing standards in a more effective and efficient manner are included. They relate to analytical procedures, more effective cut-off tests, using “dual purpose” testing, and selecting sample sizes.

Publication Date: June 2015

Designed For
This course should be attended by those seeking to streamline their audit documentation and better match the nature, timing and extent of their procedures to the risk of material error. Warning! You will have to think.

Topics Covered

  • Select and apply the most effective audit procedures rather than customary procedures.

Learning Objectives

  • Recognize the audit areas that have been particularly challenging to practitioners auditing mid-sized and smaller businesses
  • Apply risk assessment requirements and using risk assessment as a tool to design more responsive audit tests
  • Identify which client procedures would most likely not uncover transactions that have improperly recorded material transactions
  • Recognize which source your selections for testing should come from, with concern about the completeness of sales recorded on your client's financial statements
  • Differentiate what must occur in order to reduce the sample size of certain audit tests
  • Identify the best practice when preparing a worksheet for evaluating misstatements
  • Describe control deficiency
  • Identify concern about potential fraud in a client's financial statement
  • Recognize procedures provided with sufficient appropriate evidence where sales are stated correctly
  • Determine the most effective selection for sales cut-off procedures
  • Recognize the amount of risk controls must be tested when they have been assessed
  • Identify the function of a "dual purpose" test
  • Calculate the adjusted net income when using the iron curtain method of evaluating misstatements
  • Recognize when it would be acceptable to revise a prior year audited financial statement
  • Identify an example of control deficiency
  • Recognize the most severe deficiency
  • Identify the best way to label footnotes that will disclose issues for audit clients under conditions that raised concerns about its ability to remain as going concern
  • Differentiate the most effective way to perform a search for unrecorded liabilities for a December year-end client

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None

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