Efficient and Effective Engagements
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Efficient and Effective Audit Engagements
We begin with an overview of base concepts of an audit engagement including assertions, inherent and control risk and the overall objective of assurance engagements. The course then moves onto identifying where material misstatements may arise in an engagement. This is followed by a review of each of the CAS standards in detail, focussing on what is critical. Through practical examples, the discussions link the process of identifying risks to designing the appropriate procedures to address the identified risks.
Efficient and Effective Review Engagements
We begin with an overview of base concepts of a review engagement covering such topics as identifying where material misstatement is likely to arise and how to apply inquiry and analytical review procedures. The requirements of CSRE 2400 are also reviewed in detail, focussing on what is important and expanding on areas of focus.
Our approach helps practitioners better understand the requirements which in turn helps them complete the tools to meet those standards. As we review the standards, we discuss tools that can be used to as documentation including an overview of PEG forms, tailored checklists or memos which are supplemented by practical guidance on completion and “tips” on quality documentation. This focussed methodology helps practitioners to better identify risks, improve documentation and perform appropriate file reviews which in turn helps strengthen the quality of engagements. Any upcoming changes in standards are also covered as part of the session.
In addition to the CAS and CSRE base courses, other technical courses are available as required. Specific topics are explored in more depth and further examples are provided and discussed. Practical examples on implementation are provided. These courses include such topics as tests of details, test of controls, determining sample sizes, journal entry testing and substantive analytical review procedures.
The CAS and CSRE courses can be offered separately or combined together as one course.
At the end of the session, participants will be able to:
• Appreciate the requirements of CAS and CSRE
• Be more familiar with the relevant standards and how they apply in their engagements resulting in more effective engagements
• Strengthen documentation in client files resulting in more efficient engagements
• Identify the risks of material misstatement and design appropriate responses to those risks
• Apply the appropriate procedures as necessary and evaluate the impact on the engagement report
• Improve their ability to identify issues in a client engagement and react accordingly to the issues
• Incorporate professional skepticism into engagements
• Describe the indicators of fraud and recognize areas where further procedures may be required
• Be better able to make quick decisions, think on their feet and solve problems
• Understand key changes in new standards and the impact such changes will have on their files