May 9, 2022


Webinar


4 Total CPE Credits

product-artwork-662365

Auditing Best Practices and Standards Update

Learning Objectives

  • Privately-owned companies present numerous challenges to the auditor when attempting to determine the audit risks that exist, as follows:
  • Are there identifiable controls that exist, and if so, are they documented?
  • Is the lack of segregation of duties a major internal control weakness?
  • Is there evidence of management override of existing controls?
  • Does ownership/management determine estimated amounts in the financial statements without bias?
  • Does ownership/management perform the required procedures to determine if a going concern exists?
  • Do those charged with governance take responsibility for internal control over financial reporting?

Major Topics

  • To assist auditors in designing and performing sufficient audit procedures required for all audits, particularly when auditing privately-owned companies' There will be a presentation, review and explanation of recently issued audit standards that need to be implemented. In addition, the program will explore and discuss best practices on how to:
  • 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

CPE Credits Available

4
Total CPE
4
Accounting & Auditing

Things to Know About This Course

Prerequisites

None

Advanced Preparation

None

Intended 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.

Provider

California Society of CPAs

This event has ended.