Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit 2.5 CPE

The biggest factors that lead to an effective and efficient financial statement audit are the properly identification, evaluation, and response to the risk of material misstatement. Assessed risk of material misstatement leads to the generation of the nature, timing, and extent of further audit procedures. This module will focus on how to enhance engagement team brainstorming and discussions to leverage knowledge to create a high-quality and profitable audit approach.

Major Topics:

• Overview of the audit process
• Linking risk of material misstatement to the detailed audit plan
• Tailoring standard audit programs based on assessed risk
• Engagement team discussion agenda items and best practices
• Evaluating the appropriateness of audit evidence
• Common efficiency considerations by audit area

Prerequisites

Prerequisite: Experience on basic audit engagements.
Designed For: Accountants with responsibility for ensuring a high quality and profitable audit engagement.

Learning Objective

• Explore and explain engagement planning best practices for a high quality and profitable engagement.
• Identify and link assessed risk of material misstatement to the detailed audit plan.
• Recognize and determine the most appropriate nature, timing and extent of audit procedures for maximum effectiveness and efficiency.

Last updated/reviewed: March 25, 2024