Auditors identify and assess the risks of a material misstatement by understanding the entity and its environment. Privately-owned companies present unique challenges. We’ll examine issues such as: Do identifiable controls exist? Do owners promote compliance with company policies? Do owners document controls and communicate them to staff? Are these controls observable? Can they be tested for operating effectiveness? Do owners monitor employee performance and evaluate the controls in place?
Review of applicable auditing standards for risk assessment. Identification and discussion of high-risk audit areas. Discussion and analysis of control risk vs. inherent risk. Practical approach to auditing companies where controls are minimal or not adequately documented. Detailed discussion and examples of risk assessment procedures and alternative approaches.
Recognize high-risk areas applicable to private companies. Determine the best approach to deal with private company shortcomings in control activities. Identify the appropriate risk assessment procedures in the circumstances.
Mr. Ristaino is a partner in a local firm and is Director of Accounting and Auditing and quality control. He has over 30 years experience in public accounting. He manages a diversified practice including construction and real estate, healthcare, manufacturing, governmental auditing (including single audit and HUD), transportation, travel, and not-for-profit organizations. He also has extensive experience in compliance auditing for both the public and private sector.
Mr. Ristaino has authored and presents numerous professional education programs around the country and is a former professor of tax law at Villanova and Philadelphia Universities. Gene is a member of the Peer Review Committee for the Pennsylvania Institute of Certified Public Accountants, and is a team captain for the Peer Review Program of the AICPA.
Non-Member Price $199.00
Member Price $149.00