• Recognize how preliminary planning and risk assessment activities are not just “check off the box” tasks, but meaningful judgments that directly influence audit effectiveness
• Describe the initial information that should be gathered about the entity and its’ environment to have a proper basis for important decisions made in early planning and risk assessment
• Recognize the importance of key materiality and performance materiality judgments, and resulting impact on risk assessment and the detailed audit plan
• Describe how proper preliminary analytic review sets the stage for how much audit effort will be spent on the engagement
• Identify ways to avoid common deficiencies in identifying and responding to fraud risk on the audit
• Describe the factors that should be considered when designating significant audit areas

• Gaining an Understanding of the Entity & Environment – What should be documented and how it relates to identifying areas of higher risk of material misstatement
• Materiality & Performance Materiality – How these are not just rote calculations on a standard form, but important and key decisions that set the stage for conclusions throughout the entire audit
• Preliminary Analytic Procedures – Why this analysis assists the auditor in identifying significant audit areas and “what could go wrong” in the client’s financial statements due to fraud or error
• Fraud Risk Considerations – Common peer review deficiencies identified related to these important required procedures
• Identifying Significant Audit Areas – How to identify significant accounts, classes or transactions and disclosures, and what that means to further risk assessment procedures
• Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

• None

 SPEAKER BIO