How to Complete a GAAS Audit – An In-Depth Review of the Seven Facets

Learning Objectives

• To identify the necessary qualifications and characteristics of auditors and their role in guiding the conduct of the audit.
• To recognize the purpose of Generally Accepted Auditing Standards (GAAS) in obtaining reasonable assurance about the absence of material misstatements in financial statements and reporting the auditor's findings.
• To review how the number of transactions or components examined influences the sufficiency of the evidence.
• To determine the appropriate evidence based on quality and to grasp the factors related to the quality of evidence.
• To explain the recent updates and amendments in auditing standards by studying and comprehending the changes introduced in SAS and related standards.

Course Description

The formula for a successful audit today consists of many elements. Some of those elements require more thoughtfulness and caution in their application than others.

With an in-depth examination of an audit's seven (7) elements and any pertinent modifications to the standards, the objective of this course is to provide you with a refresher on the audit process from beginning to end. By the end of the course, you ought to be able to apply these policies and procedures in the real world and have a general understanding of how a GAAS audit is carried out, what main components are necessary, the significance of risk assessment, and how to apply these policies and procedures without having to read the nearly 1,000 pages of the Generally Accepted Auditing Standards.

Major topics covered in this CPE Auditing Webinar:

• Today’s GAAS audit can be organized into seven (7) different facets:

• Principles and Responsibilities
• Risk Assessment and Response
• Audit Evidence – How to Gather and Interpret Relevant Data
• Using the Work of Others (i.e.: internal auditors, specialists)
• Conclusions and Reporting
• Special Considerations
• Special Considerations in the United States
• Relevant requirements, considerations, determinations, and key terminology utilized throughout each of the seven (7) facets

• The Role of Fraud in an Audit
• Auditor Responsibilities vs. Management Responsibilities
• Audit Theory vs. Real-World Application
• Recent Changes/Updates in the Statements on Auditing Standards

This CPE webinar offers a valuable opportunity for both seasoned auditors and those new to the field to refresh their understanding of the audit process, stay updated with auditing standards, gain practical insights, and enhance their auditing skills, providing relevant and valuable information to further their professional development.

Overview

• The Seven facets of a GAAS audit

  4 mins
• Performance principle

  19 mins
• Audit risk model (ARM)

  29 mins
• Fraud and other significant risks

  42 mins
• Audit team brainstorming discussions

  61 mins
• Scope limitation: Disclaimer of opinion

  80 mins
• Employee fraud overview

  98 mins