How to Get a Better Return on Financial Statement Audits - Avoiding the Most Misapplied Risk-Based Audit Concepts
Online
8.00 Credits
Member Price $225.00
Non-Member Price $275.00
Overview
By far, the biggest contributing factor that leads to a profitable, yet high quality, financial statement audit is the proper identification, evaluation, and response to assessed risk of material misstatement. When designing your detailed audit plan, how and where you decide to spend your time is largely a matter of professional judgment. The proven tips and techniques for critically rethinking how you plan and design your audit taught in this course will help auditors enhance audit quality and manage profitability in all engagements.
Objectives
- Recognize how the nature, timing, and extent of planned audit procedures can (and should) vary commensurate with assessed risk of material misstatement
- Recall how workpaper review is a critical tool for promoting audit effectiveness and efficiency
- List tips for strengthening the design, documentation and evaluation of substantive analytic procedures
- Explain the impact that strong client and engagement management can have on improving profitability
Highlights
- 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 to cut back on tests of details
- The most common efficiency opportunities for tailoring your audit approach based on risk
- How to use the workpaper review process as a tool for producing a more effective and efficient engagement
- Using audit documentation to enhance audit quality, while ensuring every workpaper has a purpose
- 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!
Designed For
Any financial statement auditor who wishes to learn how to be more effective and efficient on engagements
Prerequisites
None
Preparation
Experience in basic audits
Notice
Your webinar can be accessed via https://ctcpas.acpen.com/Account/login. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.
Leader(s):
Leader Bios
Jennifer Louis, Emergent Solutions Group LLC
Jennifer has over 25 years 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, which is dedicated to meeting organization’s professional training needs on a project or part-time basis. Jennifer serves a wide variety of clients, including public accounting firms, state CPA societies, private industry corporations, and public sector agencies.Previously Jennifer served as the Director of Audit Product Development at Surgent Professional Education for three years. Prior to that, Jennifer was Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly respected training and audit process consulting firm later acquired by Thomson Reuters. Over her six years at AuditWatch, Jennifer served many roles. She began her career at AuditWatch as Vice President of Product Development. Jennifer also served as an instructor and consultant for the firm’s Audit Productivity Improvement Program (a comprehensive program enabling accounting firms to enhance audit quality and improve audit efficiency), as well as various other training courses. Later, Jennifer was primarily responsible for working with clients to design high-caliber, customized training programs. She led the Training Services Division, which includes AuditWatch University (“core-level” staff training for new hires to managers) and related offerings. She also co-authored the Guide to Value-Added Auditing (Thomson/Practitioners Publishing Company, Fort Worth, TX, July 2001).
Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. While at AARP she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and trainings.
Jennifer was also an Audit Manager at Deloitte, in Washington, DC. During her five years with Deloitte, she was a frequent local and national instructor. Jennifer also served as an instructor for the firm’s national “Train the Trainers” program.
Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. She is currently a member of the American Institute of Certified Public Accountants (AICPA) and is licensed to practice accounting in the Commonwealth of Virginia and North Carolina.Contact Jennifer via email at jlouis@emergentgroup.net, or via LinkedIn.
Non-Member Price $275.00
Member Price $225.00