Review new pronouncements from the AICPA’s Auditing Standards Board (ASB) regarding supervision up to the date of the course. This presentation will inform participants of the latest issues from the ASB and the AICPA for private entities in supervision. New and revised audit standards, attestation standards, and other new pronouncements about audit supervision will be discussed. The impact of the Corona Virus and the revised auditing standards resulting from COVID-19 will be examined for current application. Any newly released auditing issues will be visited.
Publication Date: September 2022
Designed For
Professionals in public practice, business, industry, government, and education who deal with nonpublic entities and need a course on how to handle the new major auditing issues of auditor reporting when involved with supervision.
Topics Covered
- Planning and Supervision
- AU-C Section 200 A Quick Reminder
- Appointment of the Independent Auditor
- Establishing an Understanding With the Client
- Preliminary Engagement Activities
- The Overall Audit Strategy
- The Audit Plan
- Determining the Extent of Involvement of Professionals Possessing Specialized Skills
- Communication With Those Charged With Governance
- Additional Considerations in Initial Audit Engagements
- Supervision
- Examples of Matters the Auditor May Consider in Establishing the Overall Audit Strategy
- Scope and Supervision of the Audit Engagement
- Supervision, Reporting Objectives, Timing of the Audit, and Communications Required
- Scope of the Audit and Thoughts for Supervision
- Planning and Supervision: Auditing Interpretations of Section 311
- General Questions and Answers for Supervision
Learning Objectives
- Recognize the auditing pronouncements that may impact private companies that come from the ASB of the AICPA and to review other new audit releases that may affect the non-issuing entities
- Recognize any new auditing standards recently issued and to review some of the Clarified Auditing Standards that are substantive
- Recognize SASs superseding the existing requirements
- Recognize the statements regarding Statement of Quality Control Standards
- Identify correct statements with respect to AU-C Section 570
- Recognize which SSAE resulted in the completion of the AICPA ASB's Clarify Project
- Recognize a new element with respect to a firm's system of quality control based on the requirement of QC Section 10
- Identify the standard of field work that states that "...the auditor must adequately plan the work and must properly supervise any assistants"
- Identify the type of requirement where the auditor must plan the audit so that it is responsive to the assessment of the risk of material misstatement based on the auditor's understanding of the entity and its environment, including its internal control
- Identify the AU Section that requires the auditor to communicate with those charged with governance an overview of the planned scope and timing of the audit
- Identify what is not one of the major skills and qualities one needs to be successful in an audit career
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Basic understanding of auditing standards.
Advance Preparation
None
Instructor
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.