Despite time constraints, auditors are responsible for producing high-quality audits that minimize risk and maximize profits. This course offers numerous methods that are practical, easy to implement, and designed to save you time when performing both large and small audits. From the planning phase through the completion phase, these policies and procedures work together to generate top-notch audit engagements in the least amount of time. By challenging traditional approaches to performing audits, this course offers a potpourri of opportunities to increase audit engagement and a firm's profitability.
Upon successful completion of this course, participants will be able to:
- Recognize strategies to increase profits through ongoing client investigations and save time with quality control.
- Identify ways to modify practice aids.
- Recognize the importance and benefits of investing in staff training.
- Recognize the optimum order for audit planning, noting the results of performing planning procedures out of order, planning on the run, or failing to plan.
- Identify various reporting frameworks and select an appropriate framework to maximize time savings.
- Recall ways to maximize time when reviewing prior year's working papers.
- Cite changes that an auditor can make to gather lesser amounts of evidence while still complying with the requirements of applicable auditing standards.
- Cite engagement activities that maximize on-the-job-training, ways to maximize substantive evidence from risk assessment procedures, and the use of a planning document to guide planning activities.
- Recognize cost-beneficial audit strategies, noting the effects of inherent risk, control environment on control risk, and low-reliance tests of controls or walk-through procedures.
- Recognize the components of key controls at the entity level and at the activity level.
- Cite the steps involved in using professional judgment to minimize the size and number of practice aids.
- Cite ways to minimize audit documentation and design cost-beneficial audit strategies.
- Identify the basic elements of a quality control system and how these elements can be applied on audit, review, and compilation engagements.
- Recall the process for modifying a standard audit program considering the nature, size, and complexity of a reporting entity.
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