CCH Learning Center

Description:
This course covers the two stages of planning an audit: establishing an overall audit strategy, and developing an audit plan, which is more commonly known as an audit program.

Proper planning helps the auditor to: identify and concentrate appropriate attention on important audit areas; identify and resolve potential problems; organize and manage the audit; select engagement team members; and coordinate the audit work.

This course also covers the design and implementation of responses to risks of material misstatement that have been identified in the audit, and the evaluation the audit evidence obtained.

Upon completion of this course, the user will be able to:

• Describe the preliminary engagement activities required in an audit, including an initial audit.
• Identify key required elements of the audit strategy and the audit plan.
• Explain how to design and implement overall responses to address assessed risks of material misstatement at the financial statement level.
• Determine the sufficiency and appropriateness of audit evidence obtained.