The session will be conducted by a former ASB member who led the development of and periodic updates to the AICPA Audit Sampling and Assessing and Responding to Audit Risk guides. The objectives of this session include:
Evaluating alternative strategies for achieving low audit risk
Evaluating the relative efficiency of various auditing techniques for gathering audit evidence.
Identifying some common prejudices, myths and miss-understandings related to various audit techniques.
Identifying common peer review and inspection comments related to audit strategy
Illustrate how to achieve low audit risk via different audit approaches
Illustrate the relative audit efficiency of various audit techniques and ways to enhance efficiency and effectiveness
Learn why various common strategies are doomed to fail