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PCAOB AS 2101: Auditing Planning

PCAOB AS 2101: Auditing Planning

Join us for a comprehensive 2 CPE event on the PCAOB AS 2101: Auditing Planning. The webinar event is designed to help auditors and accounting professionals to understand the details the audit planner must go through to meet the current PCAOB auditing standards. 

 

The PCAOB AS 2101 establishes requirements for the auditor's planning auditing a public company's financial statements. All of our instructors bring their Big 4 auditing planning experience to this training event. 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 that has to be documented in the audting workpapers.

 

The PCAOB AS 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 AS 2101
  • How to effectively do auditing planning
  • 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.

 

Attendees in this PCAOB auditing standard CPE event will earn 2 CPE Event Hours (YB). A certificate of completion will be provided.

 

Don't miss this opportunity to strengthen your audit planning process under the PCAOB AS 2101. Register now to enhance your audit practices and stay compliant with industry regulations.

  • Details on Event Presentation

    Offered every six weeks on Tuesdays at 10:00 a.m. to 12:00 p.m. Central Time in two CPE-Credit event.

    We can schedule private events on your timetable for two or more attendees.

    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

  • CPE Event Highlights

    • Understanding the requirements of PCAOB AS 2101 for auditing planning
    • Learning how to effectively plan and execute audits
    • Learning how to identify and respond to potential audit issues
    • Understanding best practices for auditing 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 auditing 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

    • Introductions

    • What is the "PCAOB Auditing Standards" context?

    • What are the Five Major Audit Standard Sections

    • What is in AS 2101: Audit Planning

    Section 1 - PCAOB AS 2101 - Definitions and Concepts

    • Auditing: Art or Science

    • Audit Evidence: Sufficiency - Appropriateness - Assertion

    • Phases of a Financial Audit

    Section 2 - PCAOB AS 2101

    • Introduction and Objective
    • Responsibilities of the Engagement Partner

    • Planning the Audit

    • Multi-Location Engagements

    Section 2 - Going Forward and Summary

    • PCAOB Inspections Observations

    • Guidance on Auditing Planning

  • Summary of the Subject Matter

    The PCAOB AS 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. All of our instructors have Big 4 audit planning experience.

    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 PCAOB AS 2101 standard emphasizes the importance of careful auditing planning in conducting an audit and the need to document the planning process and any significant changes to the audit plan.

  • Authoritative Sources

    Following your engagement with the CPE event centered around PCAOB AS 2101: Audit Planning, it's natural to yearn for deeper insights—to seek out resources that not only expand your understanding but also connect you to the very heart of why we do what we do. In this spirit, I've curated a list of authoritative sources that serve not just as guideposts but as companions on your journey towards mastering the art of audit planning:

    • Public Company Accounting Oversight Board (PCAOB) - AS 2101: Audit Planning: At the very foundation of our exploration, AS 2101 itself offers a comprehensive look at what audit planning entails. This standard provides a roadmap for auditors, outlining how to establish an overall audit strategy and develop an audit plan that addresses risk assessment, materiality, and the nature, timing, and extent of audit procedures.
    • PCAOB - Amendments to Auditing Standards Relating to the Auditor’s Assessment of and Response to Risk: These amendments, effective for audits of financial statements for fiscal years ending on or after December 15, 2024, bring updates to AS 2101 among other standards. Understanding these amendments is crucial for staying abreast of the latest developments in audit planning.
    • PwC's Viewpoint on AS 2101 — Audit Planning: PwC's viewpoint provides a professional interpretation and practical advice on implementing AS 2101 within the audit process. This resource is invaluable for understanding how to apply the principles of audit planning in real-world scenarios.
    • Deloitte’s CAQ Alert #2024-01, Amendments to PCAOB Standards: This alert offers an overview of recent amendments to PCAOB standards, including AS 2101. It’s instrumental for auditors looking to stay updated on changes that affect the conduct of audit planning and the broader audit process.
    • PCAOB - Auditing Standards: A broader look at the PCAOB's auditing standards can provide context and a holistic understanding of how AS 2101 fits into the wider framework of audit requirements and expectations. This resource is a lighthouse for anyone navigating the complexities of auditing standards.
    • Auditing Standards

    In engaging with these resources, remember that each step taken is a stride towards not just professional development but towards embodying the ethos of our profession—integrity, diligence, and a relentless pursuit of truth. Audit planning, with its nuances and layers, is more than a phase in the audit process; it's a testament to our commitment to quality and excellence in everything we do.

$140.00Price
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