PCAOB AS 2301: The Auditor's Response to the Risks of Material Misstatements
Join us for an insightful and informative CPE webinar on PCAOB Auditing Standard 2301 - Auditor's Response to the Risks of Material Misstatement. This webinar is designed to provide accounting and auditing professionals with a comprehensive understanding of the standard and its practical implications in the PCAOB auditing profession.
The PCAOB Auditing Standard 2301 establishes guidelines and procedures that auditors must follow when responding to the risks of material misstatement in an organization's financial statements. It emphasizes the importance of professional skepticism, appropriate planning, and documentation throughout the auditing process. This webinar will delve into the key elements of PCAOB AS 2301 and provide practical insights on its application.
Key Items Covered:
- Overview of PCAOB Auditing Standard 2301
- Understanding material misstatement
- Importance of auditors' responses to mitigate risks
- Identification and Assessment of Risks
- Techniques for identifying risks of material misstatement
- Assessing the likelihood and magnitude of potential misstatements
- Determining significant risks that require further attention
- Auditor's Responses
- Developing appropriate responses to address identified risks
- Modifying the nature, timing, and extent of audit procedures
- Obtaining additional evidence and performing additional substantive procedures
- Professional Skepticism
- The role of professional skepticism in auditing
- Questioning and critically assessing evidence, assumptions, and representations
- Objectively evaluating risks and potential misstatements
- Documentation Requirements
- Importance of documentation in supporting conclusions and judgments
- Maintaining sufficient and appropriate documentation
- Best practices for effective documentation in accordance with PCAOB AS 2301
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 Thursdays at 10:00 a.m. to 12:00 noon Central Time.
We can schedule private events on your timetable for two or more attendees.
CPE Event Highlights
- Understand the requirements of auditing standards related to the auditor's responses to the risks of material misstatement, including the responsibilities of the auditor and management in this process.
- Learn how to identify and assess the risks of material misstatement in financial statements, including both inherent and control risks.
- Understand the various responses available to the auditor when risks of material misstatement are identified, including substantive procedures and tests of controls.
- Learn how to design and implement effective audit procedures to respond to the identified risks of material misstatement.
- Understand the importance of professional skepticism in responding to the risks of material misstatement and the techniques that auditors can use to enhance their skepticism.
- Understand the requirements for documentation of the auditor's responses to the risks of material misstatement, including the nature and extent of the documentation needed.
This event will impove the PCAOB auditor's efficiency and effectiveness by:
- Understanding how to respond to risks,
- Designing holistic audit procedures to address identified risks,
- Being more professionally skeptic concerning risks,
- Seeing where the PCOAB has called out audit deficiencies under the auditing standard.
Key Issues on the Agenda
Introductions and Administrative Items
What is the PCAOB Auditing Standards context?
What are the Five Major Audit Standard Sections?
AS 2301 is the second most sighted PCAOB AS in the Big Eleven Inspection Reports
Section 1 - Auditing Standard 2301 - Definitions and Concepts
Audit Risk Assessment
Financial Statement Risk Assessment
Inherent - Control - Dectection and Audit Risks
Substantive Testing Procedures
Section 2 - PCAOB Auditing Standard
- Introduction and Objective
Responding to the Risks of Material Misstatement
Responses to Significant Risks
Responses to Fraud Risks
Assessing Control Risks
Section 3 - Going Forward and Summary
PCAOB Inspections Observations
Which AS Paragraphs to Focus Upon
NASBA Program Disclosure
Program Level of Understanding: Basic
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 MatterEnhance your auditing skills with our CPE program on PCAOB Auditing Standard 2301. Gain insights into auditors' responses to material misstatement risks, professional skepticism, and documentation requirements. Join us for a comprehensive understanding of this important standard.