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PCAOB AS 2105: Consideration of Materiality

PCAOB AS 2105: Consideration of Materiality

The CPE event on PCAOB AS 2105 offers a comprehensive dive into the critical aspect of materiality, providing attendees with valuable insights and practical guidance essential for effectively assessing and incorporating materiality into the audit process. All of our instructors have Big 4 audit experience in setting materiality in the audit of SEC registered firms. By focusing on the considerations related to materiality, this CPE event equips auditor participants with the knowledge and skills necessary to navigate the complexities of planning and performing audits in accordance with the PCAOB Auditing Standards and SEC requirements.
 
In interpreting the federal securities laws, the U.S. Supreme Court has held that a fact is material if there is "a substantial likelihood that the . . . fact would have been viewed by the reasonable investor as having significantly altered the 'total mix' of information made available." As the Supreme Court has noted, determinations of materiality require "delicate assessments of the inferences a 'reasonable shareholder' would draw from a given set of facts and the significance of those inferences to him.
 
Key Topics Covered
 
During this engaging session on PCAOB AS 2105 attendees can expect to explore the following key auditor topics:
  • Fundamental Principles: Understanding the fundamental concepts of materiality and its significance in the auditing process.
  • Application in Planning: Gaining insights into the application of materiality in the planning phase of an audit, including the identification of material misstatements and their potential impact.
  • Integration in Audit Procedures: Exploring the integration of materiality considerations into audit procedures, ensuring a thorough and meticulous approach to assessing audit evidence.
  • Impact on Reporting: Understanding the implications of materiality on the audit report, emphasizing the importance of transparent and accurate reporting aligned with materiality thresholds.
 
This timely, two hour morning CPE training event on PCAOB AS 2105 is designed for the CPA firm staff members who will be working on PCAOB regulated audits. The attendees will learn how this PCAOB Auditing Standard should be reflected in the auditing workpapers.
 
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 understanding of how to consider materiality in planning and performing an audit under the PCAOB Auditing Standard 2105. 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. Bring this event to your audit team now!

    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

    Based on the relevant professional literature and PCAOB Auditing Standard 2105:

    • Considering materiality is a complex process,

    • Requires substantial professional judgment,

    • Setting materiality requires both quantitative and qualitative considerations,

    • Audit planning focuses audit procedures on detecting quantitatively material misstatements,

    • Understanding that misstatements require the auditor to look both quantitatively and qualitatively to judge the effect on the financial statement opinion.

  • Learning Objectives

    Attendees will:

    • Improve their efficiency and effectiveness

    • Understanding the audit materiality planning requirements as defined by the PCAOB in AS 2105

    • Understanding the audit progression requirements as defined by PCAOB AS 2105 concerning materiality

  • Key Issues on the Agenda

    Section 1 - Introductions and Administrative Items
    Section 2 - Issues within Inspection Reports concerning AS 2105
    Section 3 - Consideration of Materiality in Planning and Performing an Audit per the PCAOB AS 2105
    Section 4 - Determining Materiality in the Audit of Financial Statements per the PCAOB AS 2105
    Section 5 - Consideration of Materiality

  • Summary of the Subject Matter

    This CPE event on PCAOB Auditing Standard 2105, offered by CCS, delves into the critical aspects of considering materiality in the planning and execution of PCAOB audits.

    This specialized session is tailored to provide auditors, accounting professionals, and individuals involved in financial reporting with comprehensive insights into the application of PCAOB Auditing Standard 2105, particularly focusing on the significance of materiality in audit procedures.

    Throughout this CPE event, participants can expect to gain a deep understanding of the principles and requirements outlined in PCAOB Auditing Standard 2105, emphasizing the pivotal role of materiality in shaping the audit process. Through practical examples and real-world scenarios, industry experts will guide attendees in effectively navigating the complexities of materiality considerations, thereby enhancing their ability to plan and execute audits in accordance with regulatory standards and best practices.

    This event aims to equip participants with the knowledge and proficiency required to integrate materiality considerations seamlessly into the audit framework, fostering precision, integrity, and compliance within the audit practice.

  • Authoritative Sources

    After attending the CPE event on PCAOB Auditing Standard 2105, it's crucial to further enrich your understanding by referring to authoritative sources. Here are some reliable sources along with their web links:

    These sources will serve as valuable references to deepen your understanding of PCAOB Auditing Standard 2105 and stay abreast of industry best practices and regulatory guidelines.

$140.00Price
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