PCAOB AS 2101: Audit Planning
Join us for a comprehensive 2 CPE event on the PCAOB Auditing Standard 2101: Audit Planning. The webinar event is designed to help auditors and accounting professionals stay the details under the PCAOB regulated financial audits.
The PCAOB Auditing Standard 2101 establishes requirements for the auditor's planning of an audit. The standard requires the auditor to plan the audit to address the risks of material misstatement, including those due to fraud. The auditor should also consider the entity's internal control in developing the audit plan.
The PCAOB Auditing Standard 2101 sets out the requirements for the planning of a financial statement audit. It provides guidance on the key considerations for auditors to take into account when planning an audit, such as risk assessment, materiality, and the nature and extent of audit procedures.
Attendees will learn:
- The requirements of the PCAOB Auditing Standard 2101
- How to effectively plan an audit
- How to assess risks and materiality
- How to identify and respond to potential audit issues
- How to properly document audit planning decisions
- Best practices for audit planning
This CPE event is designed for auditors, accounting professionals, and anyone who is involved in the planning and execution of audits.
Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.
Details on Event Presentation
Being offered twice a quarter on Mondays at 1:00 p.m. to 3:00 p.m. Central Time.
We can schedule private events on your timetable for two or more attendees.
CPE Event Highlights
- Understanding the requirements of PCAOB Auditing Standard 2101 for audit planning
- Learning how to effectively plan and execute audits
- Learning how to identify and respond to potential audit issues
- Understanding best practices for audit planning and documentation
- Interactive and engaging learning environment with opportunities for Q&A and discussion
- Expert speaker with over 40 years of experience in auditing and accounting
Learning Objectives
This event will impove the PCAOB auditor's efficiency and effectiveness by:
- Understanding the concepts of audit planning
- Knowing the auditor’s planning responsibilities
- Determining how to address the next detail steps in measuring the financial statement risks and put them into context
Key Issues on the Agenda
Introductions and Administrative Items
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Introductions
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What is the "PCAOB Auditing Standards" context?
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What are the Five Major Audit Standard Sections
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What is in Section 2101: Audit Planning
Section 1 - Auditing Standard 2101 - Definitions and Concepts
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Auditing: Art or Science
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Audit Evidence: Sufficiency - Appropriateness - Assertion
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Phases of a Financial Audit
Section 2 - PCAOB Auditing Standard
- Introduction and Objective
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Responsibilities of the Engagement Partner
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Planning the Audit
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Multi-Location Engagements
Section 2 - Going Forward and Summary
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PCAOB Inspections Observations
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Guidance on Audit Planning
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NASBA Program Disclosure
Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour
Summary of the Subject Matter
The PCAOB Auditing Standard 2101 establishes requirements for the auditor's planning of an audit. The standard requires the auditor to plan the audit to address the risks of material misstatement, including those due to fraud. The auditor should also consider the entity's internal control in developing the audit plan.
The standard provides guidance on the components of the audit plan, including the timing and extent of procedures, and emphasizes the importance of communication with those charged with governance and others involved in the audit. The auditor should document the audit plan and any significant changes to it.
The standard also requires the auditor to assess the risk of material misstatement at the financial statement and assertion levels and to document this assessment. The auditor should use this assessment to develop an audit strategy that addresses the risks identified.
Overall, the standard emphasizes the importance of careful planning in conducting an audit and the need to document the planning process and any significant changes to the audit plan.