*A Live Webcast Replay™ is a web cast replay of an earlier event, with panelists standing by, in real time, to respond to participant questions. The Live replay includes all original content and materials. This format allows for Live CPE credit under our NASBA registry.
This course is sponsored by the Business Learning Institute(BLI) who is listed on the NASBA Registry as sponsor number 108308.
Description:
Auditing Bits in Bytes™ is a series of eight individual sessions that guides professionals through the complete audit process from “A to Z” – starting with Pre-Engagement Planning Activities, and going all the way through Wrap-up and Quality Control.
The auditing profession is undergoing the most significant changes in modern history. Think about it. The Auditing Standards Board issued 14 new Statements on Auditing Standards all effective within two years of each other, the GAO revised Government Auditing Standards (twice!) in 2007, the PCAOB has six additional Auditing Standards related to audits of SEC “issuers” that directly influenced standards established for “non-issuers”, independence rules promulgated by all relevant standard setters have been clarified and enhanced, and Statements on Quality Control Standards for firms performing attestation services have also been revamped and strengthened. Whew! That is a lot! And to think that professionals complained about being confused before all these changes occurred!?! All professionals, both those that are new to performing financial statement audits and those with previous experience, can benefit from focused training that walks participants through the complete audit process from “A to Z”, providing practical tips and best practices for ensuring an effective and efficient financial statement audit in compliance with relevant professional and regulatory standards
Objectives:
Session 7 of this eight-part series focuses on how to properly fulfill the requirements for identifying, evaluating and communicating internal control deficiencies identified during the course of the financial statement audit.
Highlights:
• Identifying & Evaluating Internal Control Deficiencies – Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material
• Considering the Impact of Internal Control Deficiencies - The impact on the auditor’s conclusions related to risk of material misstatement, sufficient appropriate audit evidence to support the financial statement audit opinion, and independence
• Communicating Internal Control Deficiencies to Those Charged with Governance – How to fulfill requirements in a way that emphasizes to the client the value and importance of giving proper dedication to understanding, consciously evaluating and concluding on an appropriate response to identified deficiencies
• Yellow Book & Single Audit Considerations – How these standards differ from what is required under Generally Accepted Auditing Standards
• SAS No. 114 Considerations – What to communicate and when, including when material weaknesses could lead to independence threats that could be most appropriately mitigated through safeguards put in place by the audited entity
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