Current Audit Environment and ASB Activity - Connecticut Society of CPAs

Overview

Understanding the current audit environment

You’ll explore the current audit environment, including the audit challenges triggered by the current environment. Additionally, you’ll do a comprehensive review of recent audit pronouncement and exposure drafts.

Topics you’ll cover include those critical to success in today’s rapidly changing regulatory environment, such as:

Recently issued audit and attest interpretations

Technical questions and answers

The ASB workplan

Objectives

Determine the importance of obtaining a sufficient understanding of the client and the client's environment to effectively plan the audit in response to the risk of material misstatement.
Determine how the key economic trends currently affecting U.S. businesses affect the auditor in assessing the risk of material misstatement.
Identify the key risk issues determined by executives and unique challenges for audit engagements.
Identify key elements of recent Statements on Auditing Standards (SASs).
Identify the auditor's responsibilities relating to fraud in an audit of financial statements.
Recognize key provisions from recently issued Technical Questions and Answers.
Distinguish key elements included in the recently issued Statements on Quality Management Standard (SQMS) No. 1,
A Firm's System of Quality Management
, SQMS No. 2,
Engagement Quality Reviews
, and SQMS No. 3,
Amendments to QM Sections 10
, A Firm's System of Quality Management,
and 20
, Engagement Quality Reviews.
Identify key elements of Statement on Standards for Accounting and Review Services (SSARS) No. 26,
Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services
.
Identify key elements of Statement on Standards for Attestation Engagements (SSAE) No. 23,
Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management.

Highlights

Current environment and implication for audit planning

Key risk issues

Audit challenges

Recent Statements on Auditing Standards (SASs).

ASB workplan

SQMS No. 1, No. 2, and No. 3

SSARS No. 26

Designed For

CPAs

Prerequisites

Accounting professionals with audit experience

Notice

You will receive an email from the AICPA with instructions to access the webinar.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Anne Oestricher, AICPA
Kurt Oestriecher, Oestriecher and Company, CPA

Leader Bios

Kurt Oestriecher, Oestriecher and Company, CPA

Mr. Oestriecher has been employed by Oestriecher & Company; CPA’s since 1986 and has been partner in charge of accounting and auditing services since 1994. He has also served as an Adjunct Instructor of Accounting at Louisiana State University at Alexandria and Northwestern State University. He received the Outstanding Discussion Leader Award from the Louisiana Society of CPAs in 1998, and 2006.

Kurt functions in many capacities for the Louisiana Society of CPAs on its board and varying committees. He is Past President of the LCPA and past President of the Central Louisiana Chapter of Society of Louisiana CPAs. He is a member of the AICPA and has served on the Accounting and Review Services Committee, which issues the Statements on Standards for Accounting and Review Services. He is currently serving 2 three year terms on the AICPA Joint Trial Board.

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