Understanding the current audit environment You'll explore the current audit environment, including the audit challenges triggered by the current environment. Additionally, you'll do a comprehensive review of recent audit pronouncement and exposure drafts. Topics you'll cover include those critical to success in today’s rapidly changing regulatory environment, such as:
Recently issued audit and attest interpretations
Technical questions and answers
The ASB workplan
Learning Objectives
Determine the importance of obtaining a sufficient understanding of the client and the client’s environment to effectively plan the audit in response to the risk of material misstatement.
Determine how the key economic trends currently affecting U.S. businesses affect the auditor in assessing the risk of material misstatement.
Identify the key risk issues determined by executives and unique challenges for audit engagements.
Identify key elements of recent Statements on Auditing Standards (SASs).
Identify the auditor’s responsibilities relating to fraud in an audit of financial statements.
Recognize key provisions from recently issued Technical Questions and Answers.
Distinguish key elements included in the recently issued Statements on Quality Management Standard (SQMS) No. 1, *A Firm’s System of Quality Management*, SQMS No. 2, *Engagement Quality Reviews*, and SQMS No. 3, *Amendments to QM Sections 10*, A Firm’s System of Quality Management, *and 20*, Engagement Quality Reviews.
Identify key elements of Statement on Standards for Accounting and Review Services (SSARS) No. 26, *Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services*.
Identify key elements of Statement on Standards for Attestation Engagements (SSAE) No. 23, *Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management.*
Major Topics
Current environment and implication for audit planning
