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PCAOB AS 2301: The Auditor's Response to the Risks of Material Misstatements

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.

  • Learning Objectives

    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

    • Introductions

    • 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

    • Material Misstatement

    • Audit Risk Assessment

    • Financial Statement Risk Assessment

    • Inherent - Control - Dectection and Audit Risks

    • Substantive Testing Procedures

    • Audit Evidence

    Section 2 - PCAOB Auditing Standard

    • Introduction and Objective

    • Responding to the Risks of Material Misstatement

    • Overall Responses

    • Responses to Significant Risks

    • Responses to Fraud Risks

    • Testing Controls

    • Assessing Control Risks

    • Substantive Procedures

    • Dual-purpose Tests

    Section 3 - Going Forward and Summary

    • PCAOB Inspections Observations

    • Which AS Paragraphs to Focus Upon

  • 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

    Enhance 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.
$140.00Price
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