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 financial audit CPE course will help auditors enhance audit quality and manage profitability on all engagements.
Learning Objectives
Upon completion of this course, participants will be able to:
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; and
Explain the impact that strong client and engagement management can have on improving profitability.
