Description

A balanced approach to audit planning and internal control is essential for effectiveness and efficiency of the audit. Generally standardized or “canned” audit approaches treat all audits the same in terms of scope and complexity. The result: Most firms end up performing extensive planning and internal control procedures for a smaller audit and question its value. This session works to clarify the requirements of planning and internal control audit standards and offers suggestions and implementation tools for the practical application of planning and internal control for smaller lower risk audits to maximize efficiency, while maintaining and/or improving the audit quality.

Highlights

The session will cover the following:
1. Overview: Permission to think rather than blindly fill out forms
2. Understanding and documenting the characteristics of small low risk audit clients
3. Bridging planning and internal control standards to smaller audit clients
4. Understanding the entity and its environment
5. Suggestions and tools to reshape the risk assessment process
6. A revised understanding and documenting internal controls, including IT controls
7. Suggestions and other tools to enhance the planning process
8. A case study for revised planning and internal control
9. An implementation approach
10. Wrap up and conclusion
11. Q&A

Objectives

The objective of this course is to provide auditors with the implementation tools to help them achieve success in smaller clients. Particular emphasis is on planning the engagement and internal control procedures.