Application of Auditing Standards to Small Audits (Including Illustrative Practice Aids and Working Papers)

CPE Credit: 2 hours

Participants will consider a description of a hypothetical small reporting entity, walk through illustrative risk assessment practice aids, illustrative tests of balances program and an illustrative working paper templates file evidencing completed auditing procedures, indexing and cross-referencing and tickmarks for the cash and receivables financial statement classifications. The instructor and participants will review the resource and case materials, evaluate the sufficiency of the procedures and determine any additional work that may be necessary.
 

Objectives:

· To apply required auditing standards to an audit of a small entity.

· To illustrate the application of risk assessment standards.

· To modify audit programs for assessed levels of risk and potential risks of misstatement.

· To illustrate the documentation of auditing procedures in working papers with indexing, tickmarks and descriptions of the results of the procedures.

Who will benefit? All audit engagement personnel in CPA firms and in internal audit departments of reporting entities will benefit from attending this webinar.