Audit Staff Essentials - Experienced Staff or New In Charge: Further Audit Procedures
Deep dive into audit procedures needed to meet the challenges of the in-charge auditor.
Format
Online
NASBA Field of Study
Auditing
Level
Intermediate
CPE Credits
2.5
Author(s)
AICPA and CIMA staff
Availability
1 year
Product Number
ASE3RES26SSO
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Overcoming the challenges of an in-charge auditor
Several challenges and opportunities accompany the in-charge auditor position. You can prepare for these challenges by considering a few general concepts in greater depth, including:
- Audit risk
- Audit strategy
- Facets and testing of controls
- Designing and performing substantive procedures
- Summarizing audit results
Understanding the entity and its environment
You will also examine elements of the risk assessment process, including:
- Identifying and understanding risks of material misstatement at the financial statement and relevant assertion levels
- Examining the relationship between risk assessment procedures and further auditing procedures
- Linking risks and procedures such as control testing
Who Will Benefit
- Experienced staff
- New in-charge auditors
- Firms that want consistent training and level setting
Key Topics
- Audit strategy
- Control testing
- Substantive testing
- Summarizing audit results
Learning Objectives
- Determine key components of the audit risk model and audit strategy.
- Identify the considerations regarding testing controls, including gathering evidence of effectiveness, assessing deficiencies, and communicating findings.
- Identify the considerations for designing and performing substantive procedures, including substantive analytical procedures and substantive tests of details.
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