SAS No. 122, AU 300.04 states that the objective of the auditor is to plan the audit so that it will be performed in an effective manner. One may also say that the audit should be performed in an efficient manner. That is to say, you want to do as much work as you should but you do not want to do more than you should or not as much as you should. That is to say, you don’t want to over or under audit. This program is an overview or SAS No. 122, AU 300 related to the auditor’s responsibility to plan the audit so that it will be performed in an effective (and efficient) manner. In order to do so, one must know where the areas are that may result in a risk of material misstatement. We determine this by the evaluation of internal controls relate to financial statement presentation. During this program, we will look at various areas and determine if there is sufficient risk to perform substantive test to reduce the risk to an acceptable level. We must remember not that each substantive procedure performed during must be able to be linked to the reduction of a perceived risk of a material misstatement. If we are unable to establish such a link, the substantive test has no informational content and cannot be justified. The degree of substantive testing that an auditor performs should be based on risks of a material misstatement. Risks are often made up of a combination of things. Two of the most common risks are lack of a proper segregation of duties and week internal controls. However, if either or both of these risks are in areas where they could not result in a material misstatement of the financial statements, the auditor need not perform any substantive tests in the area.
External and internal auditor, fraud examiners
Define audit risks. Measuring audit risks. Analyzing a material weakness. Comparing a material weakness to a significant weakness. Evaluating the control environment.
Mr. Dennis F. Dycus, CFE, CPA, CGFM, presently serves as the Director of the Division of Municipal Audit for the Office of the Comptroller of the Treasury, State of Tennessee. A graduate of Western Kentucky University, Mr. Dycus is a frequent guest speaker/lecturer for various college business/accounting classes, professional associations, local, state and national conferences and not-for-profit organizations.
In 1996, the Eta Omicron Chapter of Beta Alpha Psi presented him with the Distinguished Alumnus Award in recognition of his support of the WKU Accounting Department. A 1986 graduate of the Tennessee Government Executive Institute, Mr. Dycus is an active member of the American Institute of Certified Public Accountants where he previously served on the Members in Government Committee, the Ad Hoc CPE Curriculum Task Force on Government and the National CPE Curriculum Subcommittee.
He is also a member of the Tennessee Society of Certified Public Accountants, the Association of Government Accountants, where he previously served as chapter president; the Government Finance Officers Association, and the Association of Certified Fraud Examiners, where he also served as chapter president and is a former member of both the Association’s Board of Regent and ACFE Foundation as well as a member of their instructor faculty on a national basis.
In June, 2005, the Middle Tennessee Chapter honored him with the designation of president emeritus in recognition of his longstanding contributions to the chapter. For the last several years, Mr. Dycus has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Canada and Europe. He is a frequent speaker at various professional conferences, both on a local and national level.
In 1989 and again in 1997, he was the recipient of the AGA’s, National Education and Training Award and has been presented with several Outstanding Discussion Leader Awards by both the Tennessee and Florida Societies of Certified Public Accountants. In 1998 he was honored with the Association of Certified Fraud Examiner’s, Distinguished Achievement Award for his meritorious service in the detection and deterrence of fraud and in 2001 was one of only three individuals to receive the designation as a Fellow of the Association of Certified Fraud Examiners in recognition for his contribution to expanding the Association’s body of knowledge toward the detection of fraud.
In 2003 he was the recipient of the Tennessee Society of CPA’s first ever, Outstanding CPA in Government Award and in 2004 received the Association of Certified Fraud Examiners’ Outstanding CFE in Government Award. In 2009 he was recognized as a Friend of the Association by the Tennessee Association of Utility Districts for his contribution to the utility industry in Tennessee. This was only the second such recognition the association had made in its 52 year history. In addition, he has authored articles on auditing for fraud for national publications.
Non-Member Price $109.00
Member Price $79.00