A one-day seminar designed for external auditors, internal auditors and those who manage audit departments. The seminar is also designed for those public accounting firms who are transitioning their audit approach to a risk based audit.
Topics to be discussed include:
- What Is Risk Based Auditing?
- General Risk Analysis And Initial Pre-Planning
- Detail Planning Analysis
- Analytical Procedures vs. Substantive Procedures
- Evaluation Of The Internal Control Environment
- Preparing Detailed Audit Programs
- General Procedures
8:30 a.m. - 8:45 a.m.
I. An Introduction To Risk Based Audits
A. What Is Risk Based Auditing?
B. An Overview
8:45 a.m. - 9:15 a.m.
II. General Risk Analysis And Initial Pre-Planning
A. Client Evaluation
B. Determining Planning Materiality
C. Clients Business And Industry
D. Preliminary Analytical Procedures
E. The Engagement Letter
9:15 a.m. - 10:30 a.m.
III. Detail Planning Analysis
A. Financial Statement Assertions
B. Inherent Risk/Control Risk/Combined Risk
C. Linking Risk To The Procedures Performed
D. Understanding SAS 99 – Consideration Of Fraud In The Audit
10:30 a.m. - 10:40 a.m.
10:40 a.m. - 12:00 p.m.
IV. Analytical Procedures vs. Substantive Procedures
A. What Are Analytical Procedures
B. Purpose Of Analytical Procedures
C. Examples Of Analytical/Substantive Procedures
D. Substantive Sampling
E. Documentation Of Audit Evidence
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:00 p.m.
V. Evaluation The Internal Control Environment
A. Understanding The IT Control Environment
B. Techniques In Documenting The Control Environment
C. Testing IT Controls
D. Control Sampling
2:00 p.m. - 3:00 p.m.
VI. Preparing Detailed Audit Programs
A. By Assertion
B. Combination Of Analytical/Substantive Procedures
C. Executing Procedures Based On Planning
3:00 p.m. - 3:10 p.m.
3:10 p.m. - 4:30 p.m.
VII. General Procedures
A. Commitments And Contingencies
B. Attorney Letters
C. Related Parties
D. Going Concern Considerations
E. Management Representation
F. Review Of Workpapers
G. Wrapping Up The Engagement
H. Summary Of Unresolved Differences
I. Final Analytical Of The Financial Statements