PCAOB AS 2501: Auditing Accounting Estimates
Mastering PCAOB Auditing Standard 2501: Auditing Accounting Estimates
PCAOB AS 2501 provides crucial guidance for auditors in auditing accounting estimates. As accounting estimates play an integral role in financial statements, auditors must carefully evaluate their reasonableness and assess the risks of material misstatement. This CPE event is dedicated to exploring the key aspects of the PCAOB Auditing Standard 2501, enabling participants to gain a comprehensive understanding of the standard and develop practical skills for effectively auditing accounting estimates.
The training event focuses on the requirements associated with auditing accounting estimates, such as the use of specialist skills, the evaluation of management's process for developing estimates, the assessment of risks, and the documentation of audit procedures. Practical implementation issues and challenges related to auditing accounting estimates are also addressed, providing participants with valuable insights and guidance.
By attending this event, participants will gain practical knowledge on how to apply the PCAOB Auditing Standard 2501 in their auditing practices. They will develop a comprehensive understanding of the standard, learn about the latest developments and trends in this area, and acquire the necessary skills to conduct effective audits of accounting estimates.
Accounting estimates are increasingly significant as financial reporting frameworks evolve, demanding greater use of estimates, including those based on fair value measurements. These estimates pose notable risks in audits, requiring additional attention and the application of professional skepticism. Auditing accounting estimates has proven to be challenging for auditors, making this event all the more relevant and valuable.
Designed for CPA firm staff members engaged in PCAOB-regulated audits, this timely two-hour morning CPE training event offers participants the opportunity to align their auditing workpapers with the requirements of the Auditing Standard for the year 2021.
Don't miss this opportunity to master PCAOB Auditing Standard 2501 and enhance your skills in auditing accounting estimates. Register now to stay up-to-date with the latest guidance and trends, and ensure your audit procedures are in line with regulatory expectations.
Details on Event Presentation
Being offered twice a quarter on Tuesdays 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
Based on the relevant professional literature and PCAOB Auditing Standards:
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.
Improve their efficiency and effectiveness
Understanding the audit materiality planning requirements as defined by the PCAOB
Understanding the audit progression requirements as defined by the PCAOB concerning materiality
Key Issues on the Agenda
Section 1 - Introductions and Administrative Items
Section 2 - Issues within 2019 Inspection Reports
Section 3 - Consideration of Materiality in Planning and Performing an Audit
Section 4 - Determining Materiality in the Audit of Financial Statements
Section 5 - Consideration of Materiality
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