Once an audit engagement team completes their initial risk assessment procedures, its’ time for them to build their audit strategy and then execute their plan! Audit effectiveness and efficiency are both possible if the engagement team properly designs and tailors their audit program.
This session will focus on providing latest guidance and best practices to auditors on developing a proper audit strategy by defining the characteristics of the audit engagement, reporting objectives, significant factors, the results of preliminary engagement activities and whether knowledge obtained from previous or existing audit engagements is relevant. We will also address how to properly document our scope, objectives, significant factors, risk assessment and planned resources in the workpaper files. This will then lead us to create our detailed planning steps (the audit program). The audit program serves as the go-between the audit team’s initial planning procedures and any further testing procedures needed.
Who Should Attend
Experienced practitioners in public practice who conduct audits of privately-held companies.
Topics Covered
- Developing and documenting a proper audit strategy
- Tailoring your audit programs and checklists
- Creating efficiency and effectiveness in your audit approach
- Avoiding common pitfalls
Learning Objectives
- Understand, develop and document your audit strategy
- Properly tailor your audit programs and checklists to address risks of material misstatements identified
- Increase efficiency and effectiveness in your auditing approach and testing
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
General knowledge of AICPA Professional Standards.
Advance Preparation
None
Instructor
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over three decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.