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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: June 13, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training 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

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  0:37Learning Objectives for Advanced Audit Planning Concepts
  17:09Introduction
  8:46Identifying and Evaluating Risk
  19:58Case study Identifying and Assessing Risk
  15:26Satisfying your Risk Appetite
  10:39Examples of Designing Procedures to Match Risk
  11:52Challenging the Nature, Timing and Extent of Procedures
  10:50Engagement Team Discussion
  7:06Challenging the Sufficiency and Appropriateness of Evidence
CONTINUOUS PLAY
  1:42:23Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
SUPPORTING MATERIAL
  PDFSlides: Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM