Auditing Bits in Bytes™ Session 5: Substantive Testing (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 focuses on performing the substantive audit procedures outlined in the detailed audit plan. Common deficiencies in performing and documenting these further audit procedures will be discussed.
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17pon completion of this course, participants will be able to:
Identify steps to design and perform substantive audit procedures comprising the detailed audit plan
Identify common deficiencies in performing and documenting further audit procedures, including both tests of details and substantive analytic procedures
Recognize how to comply with specific requirements for extended tests of details performed to address higher risk of material misstatement, including external confirmation and sampling
Nature, Timing & Extent of Substantive Testing – How to gather sufficient and appropriate audit evidence to support the audit opinion
Substantive Analytic Review – Typical deficiencies in designing, documenting and leveraging audit evidence gathered through these further audit procedures
Confirmations – Mistakes made in designing and evaluating the results of third-party confirmations as a form of persuasive audit evidence
Sampling Considerations – Common misunderstandings related to designing, performing and concluding on tests of details
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.