course

Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit

(14)
4.714285
27 Enrolled
2.5 Hours (On-Demand)
2.5 CPE  

This course is a premium course it can be accessed either by individual purchase or through a premium subscription

Purchase this course | $90

The biggest factors that lead to an effective and efficient financial statement audit are the properly identification, evaluation, and response to the risk of material misstatement. Assessed risk of material misstatement leads to the generation of the nature, timing, and extent of further audit procedures. This module will focus on how to enhance engagement team brainstorming and discussions to leverage knowledge to create a high-quality and profitable audit approach.

Major Topics:

  • Overview of the audit process
  • Linking risk of material misstatement to the detailed audit plan
  • Tailoring standard audit programs based on assessed risk
  • Engagement team discussion agenda items and best practices
  • Evaluating the appropriateness of audit evidence
  • Common efficiency considerations by audit area

 

Learning Objectives
  • Explore and explain engagement planning best practices for a high quality and profitable engagement.
  • Identify and link assessed risk of material misstatement to the detailed audit plan.
  • Recognize and determine the most appropriate nature, timing and extent of audit procedures for maximum effectiveness and efficiency.
Last updated/reviewed: August 22, 2023
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Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Certification - Level 3 - In-Charge/ Senior

  1. Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  2. Reviewing Workpapers - Embracing Responsibilities for Quality Control
  3. Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
  5. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  6. Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  7. Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications
  8. Critical Traits of a Thinking Auditor - Stretching Experienced Auditors Beyond the Basics
  9. Client and Engagement Management - Managing the Black Holes that Erode Profitability
  10. Supervisor Skills - Coaching Staff to Stay on the Right Track
  11. Professional Ethical Considerations for CPAs
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
3 Reviews (14 ratings)

Reviews

5
Member's Profile
Really good course! Brought up some things I hadn't heard since college, and some others for the first time. Will definitely be implementing some.
5
Member's Profile
This course should be a "to have" each year prior to commencing audits as refresher. Relevant and interesting topics.
5
Member's Profile
Courses were well developed and explained. The core changes were identified and brought to the fore. Excellent.
Prerequisites
Course Complexity: Intermediate

Prerequisite: Experience on basic audit engagements.
Designed For: Accountants with responsibility for ensuring a high quality and profitable audit engagement.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Learning Objectives for Advanced Audit Planning Concepts0:37
  Introduction17:09
  Identifying and Evaluating Risk8:46
  Case study Identifying and Assessing Risk19:58
  Satisfying your Risk Appetite15:26
  Examples of Designing Procedures to Match Risk10:39
  Challenging the Nature, Timing and Extent of Procedures11:52
  Engagement Team Discussion10:50
  Challenging the Sufficiency and Appropriateness of Evidence7:06
CONTINUOUS PLAY
  Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit1:42:23
SUPPORTING MATERIAL
  Slides: Advanced Audit Planning Concepts - Ensuring an Effective and Efficient AuditPDF
  Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit Glossary/ Index
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam