Auditing Bits in Bytes™ Session 1: Pre-Engagement Planning Activities (Included in catalog bundle)
Auditing Bits in Bytes™ - 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 is designed to provide participants with a solid understanding of the important judgment calls that are made before the audit engagement even begins. While these decisions are made by the audit partner/manager, the impact of these conclusions has a direct impact on the entire engagement team. Professional judgment calls at this early stage influence the auditor's assessed risk of material misstatement (i.e., "what could go wrong" in the client's financial statements due to fraud or error). In addition, safeguards to protect and preserve threats to independence and objectivity are designed at this stage of the audit.
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Upon completion of this course, participants will be able to:
Describe the important activities that are performed before the audit engagement even begins, such as gathering information about engagement risk
Explain the important considerations in making engagement acceptance and continuance decisions, including evaluating independence
Define what should be communicated when establishing and understanding with the client, including when nonattest services are provided for an attest client
Recognize the professional judgments made early in the audit that establish the foundation for a high quality and profitable engagement, including initial and group financial statement audit engagements
Engagement Acceptance/Continuance Decisions - Documentation requirements and key engagement risk considerations
Independence & Objectivity - Identifying threats and implementing appropriate safeguards to mitigate or eliminate them to comply with current professional and regulatory standards
Establishing an Understanding with the Client - What is important to communicate to clients and why, including scope of both non-attest and attest services and responsibilities of client management and accountants
Initial Audits – Special considerations of a successor auditor
Group Audits – Clarifying pre-engagement roles and responsibilities of group and component auditors in audits of group financial statements
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
Field of Study: Auditing
Recommended CPE Credit Hours: 2.0
Course Level: Basic
Designed For: 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.
Instructor: Jennifer Louis, CPA
Publication Year: 2017
Expiration Date: Course content is reviewed annually and revised with neccessary changes or else the course is removed.
Jennifer F. Louis, CPA has over 22 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003 she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical and engaging accounting and auditing training.
She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. She currently resides in Vienna, VA.