Small Audits Made Easy and Profitable

Course Description:

This course contains start-to-finish guidance for performing small audits, including illustrative practice aids and numerous applications in mini-case studies. Based on the AICPA’s Clarified Auditing Standards, the book contains suggestion that will enable performance and completion of many smaller audits in accordance with applicable professional standards in the least amount of time.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Identify potential impairments to independence and threats to rules violations
• Build resources of staff personnel by writing effective review notes
• Discuss the key functions and responsibilities necessary for efficient engagement completion
• Prepare financial statements, footnotes, and reports more efficiently and effectively
• Used assessed levels of risk of material misstatement for certain financial statement classifications to reduce overall evidence requirements
• Understand the requirements of key auditing standards and alternative ways to document compliance
• Apply sampling procedures to sampling populations when necessary
• Perform and document risk assessment procedures
• Understand the philosophies underlying cost-beneficial audit strategies for audits of small- to medium-size entities