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: December 2025
Designed For
Experienced practitioners in public practice who conduct audits of privately-held companies.
Topics Covered
- Audit Documentation Myths
- Definitions
- Audit Workpaper Documentation Requirements
- Tailoring Your Audit Program
- Resources and Tools
Learning Objectives
- Explain how to develop and document your audit strategy
- Explain how to properly tailor your audit programs and checklists to address risks of material misstatements identified
- Explain how to increase efficiency and effectiveness in your auditing approach and testing
- Identify the official term for the record that includes audit procedures performed, evidence obtained, and conclusions reached
- Identify the proportion of audit engagements that are non-conforming due to insufficient documentation according to the AICPA Peer Review Program
- Identify the auditing standard AU-C Section 230 helps auditors comply with to ensure overall audit objectives are achieved
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
General knowledge of AICPA Professional Standards.
Advance Preparation
None
