Online Zoom - July   

This course provides practical rules that auditors should follow to avoid auditing’s most unpleasant outcomes.  Specific attention to the following areas:

·         Rule 1 – Know Your Own Limitations

·         Rule 2 – Tell the truth, especially about the tough issues

·         Rule 3 – Recognize that shortcuts will ultimately lead to disaster

·         Rule 4 – Spend whatever time is required to understand the entity’s internal controls

·         Rule 5 – Commit yourself to improvement daily

·         Rule 6 – Take the time to do things right

·         Rule 7 – Don’t be afraid to ask for help

·         Rule 8 – Never consider your client’s management to be above wrongdoing

·         Rule 9 – Beware the related parties

·         Rule 10 – Follow the rules regarding confirmation

·         Rule 11 – Pay attention to what matters, not what is expedient

·      Rule 12 – Avoid dismissing analytical testing results

This course addresses the requirements of SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, adopted by the Auditing Standards Board in October 2021.  The new requirements of the SAS, as well as its explanatory guidance and new terminology, are presented.

Topics covered include :

·         An overview of the revised standard

·         Audit risk conceptually

·         Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement – the Revised AU-C 315

·        Other AU-C section Significant Revisions

·         Where do We Begin?

The Governmental Accounting and Auditing Update is designed to provide its participants with a comprehensive, in-depth review of what’s happening at the GASB, AICPA, GAO and OMB, including GASB Statements and Interpretations, Statements on Auditing Standards, Auditing Interpretations, Statements on Standards for Accounting and Review Services, Ethics Interpretations, and exposure drafts, with emphasis on the practical application and impact on practitioners in small to medium sized firms and members in government.