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Audit - Determining extent of testing - filmed in 2016

Individual Course Price: $175.00

Number of PD Hours: 3

Course Code: OL19Audit

Date: Now Available

Time: Now Available

Location: 

AJAG Online

THIS COURSE WAS FILMED IN 2016

 

Audit - Determining extent of testing

Ensuring that the audit is performed efficiently while still ensuring that the risks of material misstatement (RMM) have been reduced to an acceptable level is dependent on an accurate risk assessment at both the F/S and assertion levels and a risk response that is tailored to the risks and assertions.  

 

Since the instruction of the CASs in 2010, Practice Inspection has focused almost exclusively on only the risk assessment side of the audit strategy, since this represented a significant change from existing practice.  The pendulum is now swinging towards risk response, specifically examining the linkage between the assessed level of risk and the extent of the audit procedures performed.   CAS 530 Sampling has over 10 “shalls”, which are rarely considered and documented.  

 

Virtually all of the files we examine have little support for the sample sizes chosen in a test of details.   To make matters worse, many firm policies or practice also clearly violate these principles.   (i.e. one sample per month)

 

This course will examine:

  • Brief review of key aspects of risk assessment, including the assessment of pervasive, entity specific and transactional risks.

  • Understanding requirements of CAS 530; Audit sampling

  • Discussion of other audit techniques (thresholds, coverage, etc) and linking these to the risks of material misstatement (RMM)

  • Overview of tests of control; designing the test and choosing a sample.

  • Overview of different types of substantive procedures; designing a test, sample selection and extrapolating results.

  • Reviewing errors and determining if samples should be expanded.

  • Techniques to reduce sample sizes; analysis, stratification and specific item selection.

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