Description

Although auditors of non-public entities have been working with the risk assessment standards (SAS Nos. 104 through 111) for a couple years, we continue to hear feedback that they (especially auditors of smaller entities) are still struggling with the implementation of the standards. This course focuses on audits of entities with limited personnel and accounting resources, noncomplex operations and financing structures, and a governing body made up of an owner/manager or majority owner. In addition, the entity might also have at least one material weakness in internal control over financial reporting. Learn from examples and case studies demonstrating how the risk assessment standards may be practically implemented and documented. Focus on the most-struggled-with issues, using cases to provide practical application solutions.

Highlights

• Documenting nature of the entity and entity-level controls
• Documenting routine processes
• Documenting the financial statement closing process
• Documenting risks and linking to the audit response
• Documenting required communications

Objectives

Upon completion of this course, participants will be able to:
• Demonstrate compliance with the risk assessment standards effectively and efficiently
• Scale documentation to the smaller entity
• Establish a documentation foundation that may be expanded to larger entities
• Focus the audit effort
• Better control audit hours