Auditing Bits in BytesT Session 8: Engagement Wrap-up and Quality Control Considerations

Overview

Auditing Bits in BytesT - 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 emphasizes the key activities that ensure that appropriate quality control procedures were performed on the financial statement audit.

Highlights

Key Topics

• Audit Documentation & Review - Using the workpaper documentation and review process to ensure sufficient compliance professional, technical, ethical and regulatory standards
• Statement of Quality Control Standards - An overview of the AICPA standard that clarifies and enhances quality control requirements for CPA Firms performing financial statement audits
• Engagement Quality Control Review - When this may be necessary, who can perform most effectively perform this review, what he/she should review, and documentation considerations
• Peer Review - Common deficiencies identified related to financial statement audits, and how CPA firms can strengthen quality control policies and procedures to combat them
• 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

Prerequisites

None

Designed For

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.

Objectives

Learning Outcomes

• Identify how to leverage the audit documentation and review process to ensure a quality and profitable engagement
• Describe key activities that ensure appropriate quality control procedures were performed on the financial statement audit
• Recognize common peer review deficiencies that quality control policies and procedures should seek to avoid