Performing an Effective Audit Risk Assessment Webcast [RAC4]
Subject:
Time: 11:00am - 2:30pm
Credit Hours:
4.00Price:
Member: $160.00
Non-member: $240.00
Discussion Leader:
Robert P. Bedwell, CPABob is an accounting and finance professional with over 39 years of audit and accounting experience. Bob’s experience includes a full range of corporate accounting and assurance services, including financial statement preparation, auditing, SEC reporting, mergers and acquisitions, divestitures, due diligence, financing regulatory compliance, accounting system oversight, internal controls, IFRS conversions, Sarbanes-Oxley compliance advisory, and the independent review of external data. He is currently director of administrative services at Progressive Care Inc. in Hallandale Beach, Florida. Bob has been a discussion leader on numerous topics for Surgent Professional Education, the Florida Institute of Certified Public Accountants, and the American Institute of Certified Public Accountants, as well as for the firms for which he has worked, and has received high evaluations for his knowledge of topics and presentation skills. Subject areas for which Bob has served as a discussion leader (and, in some cases, author) include: professional ethics; fraud risk; and a variety of accounting and auditing overviews and standards updates. Bob received his Bachelor of Science in accounting and finance from Upsala College in East Orange, New Jersey, and has also earned a master’s degree in accounting from Florida Atlantic University. Licensed as a Certified Public Accountant in Florida, Bob is a member of the Florida Institute of Certified Public Accountants (FICPA) and the American Institute of Certified Public Accountants. He has previously served as chairman of the FICPA Accounting Principles and Auditing Standards Committee.
Full Description
Performing an Effective Audit Risk Assessment in the Covid-19 Environment Webcast (RAC4)October 19th, 2022 / 11:00 am 2:30 pm Alaska Time
Overview:
Recent auditing standards and peer review feedback have emphasized the importance of performing an effective risk assessment when identifying and evaluating the risk of material misstatement in a financial statement audit. These risk assessment procedures include both evaluating the design and implementation of internal controls, as well as determining how much reliance an auditor will place on those controls. Further, the risk assessment process provides the rationale for effectively and efficiently designing the nature, timing, and extent of further audit procedures, be they testing the operating effectiveness of internal controls or the performance of substantive audit procedures. While this requirement of an effective audit hasnt changed, the level of risk brought about due to emerging accounting and disclosure issues brought on by the pandemic coupled with the new ways we will be required to obtain the information to assess risk and internal control stressors on our clients, certainly has. This course will focus on how to utilize a risk-based approach in audit engagements to enhance audit quality, with an emphasis on how to comply with the professional requirements in a virtual environment. As auditors continue to struggle with effective and efficient execution of the Risk Assessment Standards, its likely these struggles will increase in the new virtual reality. This course will give you a jump start on determining how you can comply with professional standards as you and your clients adapt to new working conditions.
Major Topics:
- Audit process and planning.
- Setting materiality.
- Assessing the risk of material misstatement and the design and implementation of internal controls.
- Assessing the impact on the assessment of internal controls in a changing work environment.
- Designing procedures to test the effectiveness of controls.
- Designing procedures to perform substantive procedures.
- Challenges in performing audit procedures in a virtual environment.
- Performing and evaluating interim and year-end tests of control and substantive procedures.
- Final audit procedures and wrap up.
Learning Objectives:
- Recall key concepts in the risk assessment standards, including various requirements.
- Recognize how to implement the standards in practice.
-Identify approaches to comply with professional standards while auditing in a virtual environment.
Designed For: All auditors involved in applying the risk assessment requirements.
CPE Credits: 4, Accounting & Auditing
Level of Knowledge: Basic
Prerequisite: None
Acronym: RAC4
Discussion Leader: Robert Bedwell
