Generally accepted auditing standards provide guidance regarding an auditor’s proper application of the audit risk model, and the resulting design and performance of audit procedures whose nature, timing, and extent are responsive to the assessed risks. The proven tips and techniques taught in this course will help experienced auditors enhance audit quality and manage profitability on all engagements. When designing your audit plan, how and where you decide to spend your time is largely a matter of professional judgment. With an ever-increasing focus on minimizing the risk that auditors will fail to detect material misstatement due to either fraud or error in financial statements, it is more important than ever that accountants challenge what they are doing on audits and why. Critically rethinking how you plan and design your audit not only ensures that you are doing an effective audit, but often has the added benefit of discovering ways to improve efficiency as well! This course will cover topics relevant to for-profit business enterprises, nonprofits, and local governments.

Major Topics:

  • Properly assessing inherent, control, and fraud risk on an engagement, and linking the results to an appropriately tailored detailed audit plan based on risk assessment and client service goals, regardless of entity type (for-profit, nonprofit, governmental) 
  • Leveraging strong substantive analytic procedures as audit evidence
  • Efficiency considerations
  • How to use the workpaper review process as a tool for producing a more effective and profitable engagement
  • Using audit documentation as a means of enhancing audit quality 
  • How to use the client to your advantage in planning and performing the audit 
  • Learn how to get the engagement out the door – on time and on budget!

Learning Objectives:

  • Describe how the nature, timing, and extent of planned audit procedures can (and should) vary commensurate with assessed risk of material misstatement
  • Discuss how workpaper review is a critical tool for ensuring audit effectiveness and efficiency 
  • Describe tips for improving the design, documentation and evaluation of substantive analytic procedures to improve audit quality
  • Explain the impact that strong client and engagement management can have on improving profitability

Designed For: Experienced staff and above in public accounting who wish to learn how to perform a more effective and efficient audit
Level of Knowledge: Intermediate
Prerequisite: Experience in the audit function
Advanced Preparation: None
Credits: 8