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Interactive Workshop: Engagement Planning and Risk Assessment Activities (EPRA)
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This fast-paced, highly-interactive, and hands-on workshop is designed for auditors of small- and medium-sized businesses. Every fifteen minutes, a ten-minute case study, exercise, discussion group or other form of interaction will be used to create the most dynamic learning environment possible to allow you to put your learning into action. Then, it will be time to move on to the next topic.

5/23/2017
When: Tuesday, May 23, 2017
7:00 AM - 3:00 PM
Where: Webinar/Webcast
United States
Presenter: Jen Louis, CPA
Contact: April Deneault
801-466-8022


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Description:

This fast-paced, highly-interactive, and hands-on workshop is designed for auditors of small- and medium-sized businesses. Every fifteen minutes, a ten-minute case study, exercise, discussion group or other form of interaction will be used to create the most dynamic learning environment possible to allow you to put your learning into action. Then, it will be time to move on to the next topic. Whether you do one audit or multiple audits - this course is guaranteed to be practical, engaging and interesting!

Subjects:

  • Safeguarding independence when both preparing and auditing the client’s financial statements
  • Determining an appropriate planning materiality and performance materiality based on the needs of the financial statement users
  • Important group financial statement audit requirements, including component auditor considerations
  • Initial audit requirements, including predecessor auditor considerations
  • Gaining an understanding of the entity and its environment to better assess audit risk
  • Performing a meaningful preliminary analytic review
  • Properly assessing inherent risk of material misstatement
  • Evaluating the design and implementation of internal control to better assess risk of material misstatement
  • Relying on a Service Organization Control Report for audit purposes
  • Evaluating general and application controls in an automated financial reporting environment  
  • Deciding when to test the operating effectiveness of internal control for a control reliance strategy
  • The four basic food groups needed to satisfy your appetite for assessed risk of material misstatement
  • Maintaining required professional skepticism when evaluating the sufficiency and appropriateness of audit evidence
  • Testing for management override of controls
  • Responding to revenue recognition risk
  • Identifying and responding to other significant fraud risks in smaller entity environments, including misappropriate of assets

Objectives:

  • Be familiar with key engagement acceptance/continuance decisions in special circumstances
  • Describe how to properly apply the audit risk model for an effective and efficient detailed audit plan
  • Discuss how to leverage what you know at the entity and operating environment, including internal control to more effectively identify risk
  • Explain identifying and responding to various specifically identified fraud risks of material misstatement

Design For:

Public accounting professionals who perform audits of small and mid-size businesses

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