Streamlining Small Audits: Quality plus Profitability ON DEMAND

Overview

High quality and efficiency are the basic objectives for audit engagements of all sizes. However for small companies, the costs and time associated with an audit can be daunting, if not completely overwhelming. But they don’t have to be. The key is creating a process that minimizes cost and risk, while maximizing profitability. The goal of this course is simple: to help you create a strategy for small audits that includes compliance with applicable Clarified Auditing Standards published by the Auditing Standards Board (ASB) and, at the same time, is effective and lucrative.

Highlights

Small Audits Made Easy and Profitable. Saving Time with Quality Control. Developing Cost-Beneficial Audit Strategies on Small Audits. Audit Planning for Profits. Understanding Internal Control and Making it Pay. Understanding Risk Assessment Standards and Financial Assertions. Simplifying Materiality and Sampling Decisions. Preparing the Most Efficient Practice Aids and Working Papers. Reviewing Engagements. Eliminating Wasted Time during Engagement Completion. Preparing Audit Reports and Internal Control Letters.

Prerequisites

None.

Designed For

CPAs, controllers, accountants, financing professionals, business owners, and managers.

Objectives

Recognize the philosophies underlying cost-beneficial audit strategies for audits of small- to medium-size entities. Identify the components of designing audit strategies for small audits that will comply with all applicable professional standards and achieve high levels of profitability. Recognize performance measures and documentation requirements for auditing procedures that result in both quality and efficiency. Recognize components and characteristics of audit risk, materiality calculations, and sampling decisions. Identify appropriate engagement completion procedures. Identify the quality control policies and procedures that comply with the AICPA’s Code of Professional Conduct and the Statement on Quality Control Standards No. 8, A Firm’s System of Quality Control (Redrafted) (QC 10). Recognize the components of the AICPA Practice Aid Establishing and Maintaining a System of Quality Control for a CPA Firm’s Accounting and Auditing Practice (Practice Aid), the AICPA Conceptual Framework for Independence Standards, a Guide for Complying with Rules 102-105 (integrated into the AICPA’s updated Code of Professional Conduct), and AICPA Instructions for Quality Control Materials Reviews. Identify when independence is required, potential impairments to independence, threats to rules violations, and preventative safeguards. Recognize factors that affect risk at the financial statement level and their impact on the planning process. Recognize when a CPA firm is responsible for establishing and maintaining a system of quality control over the development of quality control materials and what modifications can be made to established practice aids.

Preparation

None.

Notice

None.