How to Properly Tailor Your Audit Program
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 course 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: August 2023
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
Learning Objectives
- Recognize how to develop and document your audit strategy
- Recognize how to properly tailor your audit programs and checklists to address risks of material misstatements identified
- Identify how to increase efficiency and effectiveness in your auditing approach and testing
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
General knowledge of AICPA Professional Standards.
Advance Preparation
None
