Avoiding the Most Misapplied Financial Statement Audit

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Instructor

Jennifer
Louis

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Jennifer Louis

Bio

Jennifer F. Louis, CPA

Jennifer F. Louis, CPA has over 14 years of experience in designing and presenting high-quality training programs in a wide variety of technical and "soft skills" topics needed for professional and organizational success. In 2003, she co-founded Emergent Solutions Group, LLC, a consortium of professionals serving organizations on a project or part-time basis, to create a division dedicated to training services. She was most recently Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly respected training and consulting firm serving the audit profession. During her six years at AuditWatch, Ms. Louis served in many other capacities, including Vice President of Product, and instructor and consultant for the firm's Audit Productivity Improvement ProgramTM and various other training courses. She also co-authored a manual on value-added auditing.

Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm's Washington, D.C. office, she served as an instructor for the firm's national "Train the Trainers" program.

Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting. She is also a member of several prestigious professional associations.

Recent new auditing standards are designed to improve overall audit quality. Address the most common misapplied audit concepts in planning and performing effective and efficient financial statement audits.

Learning Objectives

• List how the nature, timing, and extent of planned audit procedures can (and should) vary commensurate with assessed risk of material misstatement

• Explain common deficiencies in performing and documenting further audit procedures, including tests of details

• Recall tips for strengthening the design, documentation and evaluation of substantive analytic procedures

• Recognize how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit

Major Topics

• Risk Assessment
Properly assessing inherent, control, and detection risk on an engagement, and linking the results to an appropriately tailored detailed audit plan based on risk assessment and client service goals, regardless of entity type

• Substantive Analytics
Leveraging strong substantive analytic procedures as audit evidence to cut back on tests of details

• Selecting Items to Test – Common misunderstandings related to designing, performing and concluding on tests of details, including sampling

• Identifying & Evaluating Internal Control Deficiencies – Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material for impact on the audit or required communications with management and those charged with governance

CPE Credits Available

8 CPE

8: Auditing

Things to Know About This Course

Course Level

Intermediate

Professional Area of Focus

Auditing

Prerequisites

Advanced Preparation

None

Intended Audience

Any financial statement auditor who wishes to learn how to be more effective and efficient on engagements.

Provider

GSCPA