Financial statement audit engagement teams must enhance engagement team audit risk brainstorming, client discussions, results of preliminary analytic procedures, and other audit evidence obtained in order to create a high-quality and profitable audit approach. In addition, in order to retain existing clients, lower fee pressures, and gain invaluable referral sources, financial statement auditors must also place a priority on being a value-added business advisor. This course provides proven tips and techniques for ensuring your firm has the capacity to grow and expand your “book of business” in a healthy way.

Major Topics:

  • Tailoring the detailed audit plan based on risk assessments for a more effective and efficient audit
  • How to build trust with the client to be a better business advisor
  • Best practices for leveraging engagement team discussions to better understand the entity and its environment, identify risk of material misstatement, and provide value-added business advice
  • Detecting earnings management and others risks through analytic procedures
  • How to better connect with existing and prospective clients in order to build value perceptions and differentiate your firm from the competition
  • Explaining how to communicate financial results and analysis to the client
  • Tips for cross-selling services

Learning Objectives:

  • Properly link the detailed audit plan to assessed risk of material misstatement
  • Explain how to anticipate and prevent issues that could negatively impact the client’s operations and financial reporting 
  • Discuss the importance of making value-added business advice to clients a priority 
  • Describe how to leverage substantive analytic procedures as audit evidence, but also to help the client with financial analysis
  • Discuss what differentiates your firm and its services from the competition, in order to retain existing clients and successfully market to prospective clients

Designed For: Supervisors and above in public accounting who wish to learn how to leverage the time spent on the financial statement audit to become a value-added business advisor
Level of Knowledge: Advanced
Prerequisite: Experience in the audit function
Advanced Preparation: None
Credits: 8