July 15, 2022 8:00am – 11:30am Map & Directions 602-252-4144

Webcast: Auditing Best Practices and Standards Update

Description

In every audit, the auditor is required to identify and assess the risks of material misstatement, whether due to fraud or error, in the financial statements. This process includes understanding the entity and its environment, including the entity's internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement. This program explores efficient ways to conduct audits (primarily for private companies), including a discussion of the applicable standards and their requirements.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

7:30am

Fees

Member:
$160
Non-CPA Staff:
$210
Non-CPA Staff (100% club):
$160
Non-CPA Staff (sole proprietor):
$160
Non-Member:
$210
Webcast
Accounting & Auditing
4

Objectives

  • Privately-owned companies present numerous challenges to the auditor when attempting to determine the audit risks that exist, as follows:
  • Are there identifiable controls that exist, and if so, are they documented?
  • Is the lack of segregation of duties a major internal control weakness?
  • Is there evidence of management override of existing controls?
  • Does ownership/management determine estimated amounts in the financial statements without bias?
  • Does ownership/management perform the required procedures to determine if a going concern exists?
  • Do those charged with governance take responsibility for internal control over financial reporting?

Course Level

Overview

Vendor

CalCPA Education Foundation More With This Vendor

Designed For

CPAs performing audits of privately-owned companies will be able to plan their audit to perform effective risk assessment procedures, evaluate the control environment, and provide a platform to design appropriate additional audit procedures that respond to the assessed risks of material misstatement.

Prerequisites

None

Highlights

  • To assist auditors in designing and performing sufficient audit procedures required for all audits, particularly when auditing privately-owned companies' There will be a presentation, review and explanation of recently issued audit standards that need to be implemented. In addition, the program will explore and discuss best practices on how to:
  • Identify controls that exist, especially when those controls are not clearly identified
  • Evaluate if those controls prevent or detect material misstatements in the financial statements
  • Design effective audit procedures (including testing of controls where appropriate) in response to the auditor's assessed risk of the potential material misstatements in the financial statements

Notes

None

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