Description
The chair of the Task Force of the AICPA Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit will review the basic control assessment requirements for all audited entities. Implications for compliance and efficiency in smaller entities will be illustrated with examples. Implications of non-compliance with required procedures will be discussed.
Learning objectives:
- Get an overview of required controls assessments and gathering of evidence of operation for all entities.
- Discuss how to assess the extent of assurance/risk to be taken from various control related procedures.
- Determine the trade-offs of different strategies in auditing key accounts such as revenues.
- Discover implications of non-conformity with basic requirements.
- Understanding of the opportunities for testing controls and greater audit efficiencies in smaller audit engagements.
- Identifying the areas of the audit most likely to benefit from more controls reliance.
- Discuss the pitfalls and dangers of failing to make a proper assessment of the entity system of internal control.
Speaker(s):
