Description

Understanding the current audit environment

You'll explore the current audit environment, including the audit challenges triggered by the current environment. Additionally, you'll do a comprehensive review of recent audit pronouncement and exposure drafts.

Topics you'll cover include those critical to success in today’s rapidly changing regulatory environment, such as:

- Recently issued audit and attest interpretations

- Technical questions and answers

- The ASB workplan

Instructor: Kurt G. Oestriecher,Anne Oestriecher

Target Audience

CPAs

Course Objectives

· Determine the importance of obtaining a sufficient understanding of the client and the client’s environment to effectively plan the audit in response to the risk of material misstatement.

· Determine how the key economic trends currently affecting U.S. businesses affect the auditor in assessing the risk of material misstatement.

· Identify the key risk issues determined by executives and unique challenges for audit engagements.

· Identify key elements of recent Statements on Auditing Standards (SASs).

· Identify the auditor’s responsibilities relating to fraud in an audit of financial statements.

· Recognize key provisions from recently issued Technical Questions and Answers.

· Distinguish key elements included in the recently issued Statements on Quality Management Standard (SQMS) No. 1,

· A Firm’s System of Quality Management

· , SQMS No. 2,

· Engagement Quality Reviews

· , and SQMS No. 3,

· Amendments to QM Sections 10

· , A Firm’s System of Quality Management,

· and 20

· , Engagement Quality Reviews.

· Identify key elements of Statement on Standards for Accounting and Review Services (SSARS) No. 26,

· Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services

· .

· Identify key elements of Statement on Standards for Attestation Engagements (SSAE) No. 23,

· Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management.

·

Subjects

· Current environment and implication for audit planning

· Key risk issues

· Audit challenges

· Recent Statements on Auditing Standards (SASs).

· ASB workplan

· SQMS No. 1, No. 2, and No. 3

· SSARS No. 26

Prerequisites

Accounting professionals with audit experience