How to Get a Better Return on Financial Statement Audits - Avoiding the Most Misapplied Risk-Based Audit Concepts

Overview

By far, the biggest contributing factor that leads to a profitable, yet high quality, financial statement audit is the proper identification, evaluation, and response to assessed risk of material misstatement. When designing your detailed audit plan, how and where you decide to spend your time is largely a matter of professional judgment. The proven tips and techniques for critically rethinking how you plan and design your audit taught in this course will help auditors enhance audit quality and manage profitability in all engagements.

Objectives

Recognize how the nature, timing, and extent of planned audit procedures can (and should) vary commensurate with assessed risk of material misstatement
Recall how workpaper review is a critical tool for promoting audit effectiveness and efficiency
List tips for strengthening the design, documentation and evaluation of substantive analytic procedures
Explain the impact that strong client and engagement management can have on improving profitability

Highlights

Properly assessing inherent, control, and fraud risk on an engagement, and linking the results to an appropriately tailored detailed audit plan based on risk assessment and client service goals, regardless of entity type (for-profit, nonprofit, governmental)
Leveraging strong substantive analytic procedures as audit evidence to cut back on tests of details
The most common efficiency opportunities for tailoring your audit approach based on risk
How to use the workpaper review process as a tool for producing a more effective and efficient engagement
Using audit documentation to enhance audit quality, while ensuring every workpaper has a purpose
How to use the client to your advantage in planning and performing the audit
Learn how to get the engagement out the door – on time and on budget!

Designed For

Any financial statement auditor who wishes to learn how to be more effective and efficient on engagements

Prerequisites

None

Preparation

Experience in basic audits

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/Account/login https://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Jennifer Louis, Surgent McCoy CPE, LLC

Leader Bios

Jennifer Louis, Surgent McCoy CPE, LLC

Jennifer F. Louis, CPA has over 19 years of experience in designing and presenting high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organizational success. In 2003, she founded Emergent Solutions Group, LLC, a company dedicated to developing and delivering accounting and auditing training services. She was most recently executive vice president/director of training services at AuditWatch, Inc., a highly respected training and consulting firm serving the audit profession. During her six years at AuditWatch, Ms. Louis served in many other capacities, including vice president of product development, and a consultant for the firm’s Audit Productivity Improvement Program TM. She also coauthored a manual on value-added auditing. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm’s Washington, D.C. office, she served as an instructor for the firm’s national “Train the Trainers” program. Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting.

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