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AICPA Practitioners Symposium, AICPA Tech+ Conference and 2012 AAM Summit


Implementation Tools to Achieve Success in Smaller Audits -- Planning and Internal Control


Jun 12, 2012 2:00pm ‐ Jun 12, 2012 3:15pm

Description

A balanced approach to audit planning and internal control is essential for an effective and efficient 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 will help clarify the requirements of planning and internal control audit standards, and offer suggestions and implementation tools for practical application planning and internal control for smaller lower risk audits to maximize efficiency, while maintaining and/or improving the audit quality.

The session will cover:

  • Overview: Permission to think rather than blindly fill out forms
  • Understanding and documenting the characteristics of small, low-risk audit clients
  • Bridging planning and internal control standards for smaller audit clients
  • Understanding the entity and its environment
  • Suggestions and tools to reshape the risk assessment process
  • A revised understanding and documenting internal controls, including IT controls
  • Suggestions and other tools to enhance the planning process
  • A case study for revised planning and internal control
  • An implementation approach
  • Wrap up and conclusion, and a Q&A

Speaker(s):

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