August 22, 2018

In-Person

City of Pelham Pelham Civic Complex

8 CPE

Enhancing Audit Quality: Best Practices in Documenting and Reviewing Your Work

August 22, 2018
In-Person
8 CPE

Enhancing Audit Quality: Best Practices in Documenting and Reviewing Your Work

  • View Bio

    Instructor

    Greg
    Clark

    View Bio

    Greg Clark, CPA, CISA, CFE

    Bio
    GREGORY M. CLARK CPA, CISA, CFE
    (Licensed as a CPA in Georgia)

    Gregory M. Clark CPA, CISA, CFE, is a Principal with the Business Compliance & Controls Group (BCCG) a firm specializing in technical audit and accounting consulting, employee benefit plans, internal controls consulting and training, corporate compliance plans, assessments, training and auditing, forensic financial investigations and audit technology integration. With more than twenty-five years experience in the audit and business compliance field, Greg has participated in all aspects of audit and financial management, including business risk assessments, internal control assessments and design, fraud investigations, corporate governance and compliance, data retention management, contract compliance, financial planning, due diligence, internal audit and external audit.

    Greg is an internationally known speaker on the topics of internal controls, employee benefit plans, corporate compliance, data retention management, integrated auditing, internal auditing, internal control self assessment, organizational risk assessments and various other audit related topics. Greg has worked with numerous Fortune 500 entities, more than 40 different state CPA societies and with numerous CPA firms, groups and companies from throughout the world.

    Previously, Greg was the Industry Practice Leader for Compliance Services for an international forensic financial investigations firm. Greg has also served as the Director of Financial Planning and Internal Audit for a regional integrated healthcare delivery system and as the First Vice President and Assistant Chief Financial Officer of a publicly traded financial institution. Greg began his career with a national accounting firm in the assurance division and worked with a variety of industry groups and was an Associate Audit Partner with a regional accounting firm.

    Greg is a member of the Georgia Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Greg has been recognized as a past Georgia CPA Society workshop leader of the year, currently chairs the Georgia CPA Society CPE Committee and is a member of the GSCPA Healthcare Committee. Greg is the Past President and chairman of the Association of Healthcare Internal Auditors (AHIA) and recipient of the 1999 AHIA Founders Award.
Reviewing workpapers is a critical internal quality control safeguard that ensures issued audit reports are appropriate given the specific engagement's circumstances. There is a presumption that more experienced engagement team members should review work performed by less experienced staff. But, even sole practitioners must be concerned about complying with quality control standards and proper ethical conduct. This course will provide tips and techniques for effective and efficient review of audit workpapers, the success of which heavily depends on an auditor's proper application of critical financial statement audit concepts.

Learning Objectives

  • Describe the most important financial statement audit documentation requirements
  • Discuss areas of critical auditor judgments that impact the extent of audit documentation needed to support audit conclusions
  • Explain the importance of establishing, applying, and monitoring quality control policies and procedures related to audit documentation
  • Be familiar with the results of the numerous case studies, exercises, and illustrations that reinforce key learning points throughout the course

Major Topics

  • Understanding the quality control standards and guidance related to a CPA firm's responsibilities for its system of quality control over the audit practice
  • The primary purpose of audit documentation, and minimum documentation requirements
  • Tips for an efficient workpaper review process that complies with relevant standards
  • How to audit financial statement areas that commonly contain significant judgments or conclusions that require supporting audit documentation, including when consultations may be appropriate
  • Discussing the financial statement audit risk concept, including how proper application better ensures a higher quality audit
  • Considering ethics as a critical element of high-quality workpaper reviews
  • The critical role of the engagement partner related to the overall quality of an engagement
  • The responsibilities of the engagement quality control reviewer in evaluating the significant judgments the engagement team made and conclusions reached in formulating the report
  • The importance of monitoring compliance with engagement quality control policies and procedures

CPE Credits Available

8 CPE
8
Accounting & Auditing

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • A & A

Prerequisites

Involvement in supervision, review, or other quality control functions.

Advanced Preparation

None

Intended Audience

Public accounting professionals with audit supervision and review responsibilities

Provider

Surgent McCoy CPE

This event has ended.