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Auditing Bits in Bytes™ Session 2: Preliminary Planning Activities
Management Accounting
CPE Self-study

Auditing Bits in Bytes™ Session 2: Preliminary Planning Activities

This session focuses on the initial information that is gathered and important conclusions that are reached at the on-set of engagement planning and the performance of certain risk assessment procedures. This phase of the engagement sets the stage for how much effort will be invested in evaluating the design and implementation of internal controls (which is covered in Session 3 of this series).

$75 - $90
Do you have an AICPA membership? Log in to apply your member discount.

Format

Online

NASBA Field of Study

Auditing

Level

Basic

CPE Credits

2

Author(s)

Jennifer Louis

Availability

1 year

Product Number

BLI339026

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 Business & partner 
Product Details

Auditing Bits in Bytes™ - A Practical Break-Down of "Real World" Best Practices Applied in Highly Successful Audits is a series of eight individual sessions that guide 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.Attempting to perform an effective and efficient audit can be intimidating and confusing, for new and experienced auditors alike. This series will provide valuable tips and techniques from an experienced auditor that are needed to successfully design and perform financial statement audits in "real-life" circumstances. Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement.

This 2-hour session focuses on the initial information that is gathered and important conclusions that are reached at the on-set of engagement planning and the performance of certain risk assessment procedures. This phase of the engagement sets the stage for how much effort will be invested in evaluating the design and implementation of internal controls (which is covered in Session 3 of this series). Key professional judgments made at this stage provide the foundation and rationale for risk assessment conclusions that are ultimately used to design the nature, timing and extent of further audit procedures (which is covered in Session 4 of this series). One of the most important learning points that participants will take away from this session will be the recognition that these preliminary activities are not just "check off the box" tasks, but are critical to early judgment calls about risk of material misstatement, which directly influences the audit effectiveness and efficiency.

Who Will Benefit
  • Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards.
Key Topics
  • Gaining an Understanding of the Entity & Environment - What should be documented and how it relates to identifying areas of higher risk of material misstatement
  • Materiality and Performance Materiality - How these are not just rote calculations on a standard form, but important and key decisions that set the stage for conclusions throughout the entire audit
  • Preliminary Analytic Procedures - Why this analysis assists the auditor in identifying significant audit areas and "what could go wrong" in the client's financial statements due to fraud or error
  • Fraud Risk Considerations - Common peer review deficiencies identified related to these important required procedures
  • Identifying Significant Audit Areas - How to identify significant accounts, classes or transactions and disclosures, and what that means to further risk assessment procedures
  • Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement
Learning Outcomes
  • Recognize how preliminary planning and risk assessment activities are not just "check off the box" tasks, but meaningful judgments that directly influence audit effectiveness
  • Describe the initial information that should be gathered about the entity and its environment to have a proper basis for important decisions made in early planning and risk assessment
  • Recognize the importance of key materiality and performance materiality judgments, and resulting impact on risk assessment and the detailed audit plan
  • Describe how proper preliminary analytic review sets the stage for how much audit effort will be spent on the engagement
  • Identify ways to avoid common deficiencies in identifying and responding to fraud risk on the audit
  • Describe the factors that should be considered when designating significant audit areas
Credit Info
CPE Credits
Online
2
NASBA Field of Study
Auditing
Level
Basic
Prerequisites
None
Access
Online
This is a digital product. With full paid access the content will be available to you for 1 year after purchase date.
For more information, please refer to CPE requirements and NASBA sponsorship information
Pricing
Do you have an AICPA membership? Log in to apply your member discount.
Nonmembers
Online
$90.00
AICPA Members
Online
$75.00

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2 to 5 registrants

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6+ registrants

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Instructors
Jennifer Louis
CPA
Jennifer F. Louis, CPA has over 22 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003 she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. She currently resides in Charlotte, NC.
Accessibility

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

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Auditing Bits in Bytes™ Session 2: Preliminary Planning Activities
Select from the following options:
Online
$90.00
Nonmember Price
$90.00
Price excluding sales tax
$90.00
Do you have an AICPA membership? 
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Shipping cost and sales tax will be added later during checkout

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