Audit 302: Planning Effective and Efficient Audits

Overview

Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit will focus on how to enhance engagement team brainstorming and discussions to leverage knowledge to create a high-quality and profitable audit approach. The biggest factors that lead to an effective and efficient financial statement audit are the properly identification, evaluation, and response to risk of material misstatement. Assessed risk of material misstatement leads to the generation of the nature, timing and extent of further audit procedures. Note: This course is recommended as a part of a 16-hour audit skills curriculum for in-charge or supervisor auditors, while it is also appropriate for anyone who has responsibilities in designing a risk-based audit plan. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Prerequisites

Knowledge of the audit risk model

Objectives

Upon completion of this course, you will be able to...

• Apply engagement planning best practices for a high quality and profitable engagement
• Link assessed risk of material misstatement to the detailed audit plan
• Determine the most appropriate nature, timing and extent of audit procedures for maximum effectiveness and efficiency

Highlights

The major topics covered in this course include:

• Overview of the audit process
• Linking risk of material misstatement to the detailed audit plan
• Tailoring standard audit programs based on assessed risk
• Engagement team discussion agenda items and best practices
• Evaluating the appropriateness of audit evidence
• Common efficiency considerations by audit area