How to Properly Tailor Your Audit Program (Currently Unavailable)
Author: Salvatore Collemi
| CPE Credit: |
2 hours for CPAs |
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.
Publication Date: November 2021
Designed For
Experienced practitioners in public practice who conduct audits of privately-held companies.
Topics Covered
- Overview
- Audit Documentation Myths
- Definitions
- Audit Workpaper Documentation Requirements
- Tailoring Your Audit Program
- Resources
Learning Objectives
- Recognize how to develop and document your audit strategy
- Identify how to properly tailor your audit programs and checklists to address risks of material misstatements identified
- Recognize how to increase efficiency and effectiveness in your auditing approach and testing
- Differentiate AU-C sections and how they apply to client situations
- Identify one or more folders or other storage media, in physical or electronic form, containing the records that constitute the audit documentation for a specific engagement
- Recognize unique areas of the audit identified where you should consider tailoring your audit procedures
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
General knowledge of AICPA Professional Standards.
Advance Preparation
None
