This half-day course is designed to provide a structure to meet CAS audit requirements when performing audits of simple private companies and not-for-profit organizations in a way that avoids the use of the large number of forms usually associated with auditing.
The objective of this course is to provide an efficient and effective method of preparing satisfactory audit files. Even those public accounting firms currently using standard audit forms will benefit from this course through a better practical understanding of auditing rules.
Specific topic areas to be highlighted will include:
• Overview of documentation requirements
• Quality control obligations
• General planning and materiality
• Assessing misstatement risks
• A practical approach to the required study of internal controls
• Designing audit procedures based on risks
• Evaluation of audit results
• Reporting requirements, including the December 2018 changes to the Auditor’s Report
The course is specifically designed to relate to the audit of the general-purpose financial statements of entities whose internal controls cannot be relied upon to reduce substantive audit work.
Recent common practice inspection weaknesses found in audit engagements will be noted throughout the course.