This course is sponsored by the Business Learning Institute(BLI) who is listed on the NASBA Registry as sponsor number 108308.

Description:
Auditing Bits in Bytes™ is a series of eight individual sessions that guides professionals through the complete audit process from “A to Z” – starting with Pre-Engagement Planning Activities, and going all the way through Wrap-up and Quality Control.  
The auditing profession is undergoing the most significant changes in modern history.  Think about it.  The Auditing Standards Board issued 14 new Statements on Auditing Standards all effective within two years of each other, the GAO revised Government Auditing Standards (twice!) in 2007, the PCAOB has six additional Auditing Standards related to audits of SEC “issuers” that directly influenced standards established for “non-issuers”, independence rules promulgated by all relevant standard setters have been clarified and enhanced, and Statements on Quality Control Standards for firms performing attestation services have also been revamped and strengthened.  Whew!  That is a lot!  And to think that professionals complained about being confused before all these changes occurred!?!  All professionals, both those that are new to performing financial statement audits and those with previous experience, can benefit from focused training that walks participants through the complete audit process from “A to Z”, providing practical tips and best practices for ensuring an effective and efficient financial statement audit in compliance with relevant professional and regulatory standards.   

Objectives:
Session 6 of this eight-part series focuses on all activities that occur during the engagement wrap-up phase of the engagement.  This aspect of an audit engagement is where all good intentions are at risk of unraveling and creating deficiencies in audit quality and compliance with professional and regulatory standards. 

Highlights:
• Audit Documentation – Using the workpaper review process to ensure sufficient compliance with auditing standards
• Audit Report Dating – How to handle “real-life” issues/concerns encountered by firms (e.g., issuing multiple audit reports with an appropriate audit report date, subsequent events identified after audit report date but prior to report release date, sufficiently fulfilling the document completion date requirements, etc.)
• General Procedures Considerations
o Going Concern
o Subsequent Events
o Attorney’s Letters
o Management Representation Letter
• Yellow Book & Single Audit Considerations – How these standards influence general audit procedures and issuing audit reports
 

Designed For:
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 (Generally Accepted Auditing Standards and Yellow Book)

Prerequisite: None
Course Level: Basic
BLI Curriculum: Business Management
NASBA Field Of Study: Auditing
Instructor: Jennifer Louis, CPA