Virtual
Auditing Standards Update & Best Practices 2023
Date: May 26, 2023
Time: 8 – 11:30 a.m. PT
Overview
In every audit, the auditor must identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error. This process includes understanding the entity and its environment, including its internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement. This program explores efficient ways to conduct audits (primarily for private companies), including discussing the applicable standards and their requirements.
Product Code
1000001775-116368
Credit Type
CPE: 4CPE-AA: 4CPE-Technical: 4Intended Audience
CPAs performing audits of privately-owned companies will be able to plan their audit to perform effective risk assessment procedures, evaluate the control environment, and provide a platform to design appropriate additional audit procedures that respond to the assessed risks of material misstatement.
NASBA Field of Study
Auditing
Level of Difficulty
Overview
Prerequisites
None
Advance Preparation
None
Learning Objectives
Major Subjects
- Designing and performing sufficient audit procedures required for all audits, particularly when auditing privately-owned companies
- Identify controls that exist, especially when those controls are not clearly identified
- Evaluate if those controls prevent or detect material misstatements in the financial statements
- Design effective audit procedures (including testing of controls where appropriate) in response to the auditor’s assessed risk of the potential material misstatements in the financial statements
Faculty
Additional Details
This course was recorded on 05/26/2023. The instructor will be available via the chat feature to answer questions during the presentation.