May 9, 2022


4 Total CPE Credits


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

Total CPE
Accounting & Auditing

Things to Know About This Course



Advanced Preparation


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.


California Society of CPAs

This event has ended.