Auditing Bits in Bytes™ Session 5: Substantive Testing
Description
This 2-hour session focuses on performing the substantive audit procedures outlined in the detailed audit plan. Common deficiencies in performing and documenting these further audit procedures will be discussed.
Learning Objectives
Identify steps to design and perform substantive audit procedures comprising the detailed audit plan
Identify common deficiencies in performing and documenting further audit procedures, including both tests of details and substantive analytic procedures
Recognize how to comply with specific requirements for extended tests of details performed to address higher risk of material misstatement, including external confirmation and sampling
Major Topics
Nature, Timing & Extent of Substantive Testing – How to gather sufficient and appropriate audit evidence to support the audit opinion
Substantive Analytic Review – Typical deficiencies in designing, documenting and leveraging audit evidence gathered through these further audit procedures
Confirmations – Mistakes made in designing and evaluating the results of third-party confirmations as a form of persuasive audit evidence
Sampling Considerations – Common misunderstandings related to designing, performing and concluding on tests of details
Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement
Provider
Business Learning Institute
Course Level
Basic
Professional Area of Focus
T Shaped Professional Data / Digital / Technical
CPE Field of Study
Auditing
2.0
Who Should Attend
Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards.
