This course will enable practitioners to understand and apply the AICPA "clarification" auditing standards to audits of Small- and Medium-Sized Entities (SMEs). Further, this course will provide guidance on how to perform an effective, efficient and profitable audit engagement. The course is loaded with practical practice aids to help enable participants to comply with the standards. Troublesome areas as identified in peer reviews and litigation will be covered. Participants who take this course will enjoy smooth sailing in their peer reviews, guaranteed! This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation you will be able to...
- Identify the key changes in recently issued AICPA auditing standards
- Recognize common audit deficiencies as identified in peer reviews
- Distinguish common audit deficiencies as identified in lawsuits centered on audit engagements
Major Topics
The major topics that will be covered in this class include:
- AICPA auditing standards issued during the 18-month period prior to the program that impact audits of Small- and Medium- sized entities (SMEs)
- The new SAS 145 risk assessment requirements
- The new SAS 134 as amended audit reports
- How to fulfill responsibility to detect fraud under AU-C Section 240
- How to help clients design, implement and maintain their internal controls
- Troublesome areas in the audits of Small- and Medium-sized Entities (SMEs) as identified in peer reviews and litigation
- How to perform profitable audits of Small- and medium-Sized Entities (SMEs)
