A Potpourri of Time Savings on Audits—Part 2 (09-21-26) - A/V

CPE Credit: 2 hours

The Saving Time on Audits course covers quality control and auditing issues that affect audit engagement planning, performance and completion. These topics collectively offer opportunities for improving both audit engagements and CPA firm profitability.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

1. Identify risk assessment procedures that can provide substantive audit evidence and improve efficiency on small- and medium-sized audit engagements.

2. Explain how systems walkthrough procedures, internal control documentation, and key controls can be used to assess risks of material misstatement and support the design of audit procedures.

3. Apply planning techniques and audit strategies that integrate assessed risk, materiality, and financial statement assertions to determine the nature, timing, and extent of audit procedures.

4. Determine how professional judgment and scalability principles can be applied when evaluating internal controls and designing audit procedures for smaller reporting entities.

5. Evaluate opportunities to tailor practice aids, audit programs, and documentation based on engagement-specific risks and the nature, size, and complexity of the reporting entity.

6. Identify audit documentation and workflow practices that can reduce unnecessary procedures and time charges while maintaining sufficient appropriate audit evidence and compliance with applicable professional standards.