Loscalzo’s Implementation Guide to the
Risk Assessment Standards

*Includes templates for audit strategy and audit plans*

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Looking for a course that will help you understand exactly what is required under the risk assessment standards. With these standards, auditors of smaller non-public companies may be overwhelmed with the level of documentation they believe is required to satisfy professional standards.  This program will help you understand how to perform and document the most efficient audit possible under the risk assessment standards. Using templates, this program provides a practical approach to controls, sampling and linking risk assessment to required audit procedures.

Designed For
Practitioners looking for a practical approach to designing and completing a non-public company audit under the risk assessment SASs.

Objective
Participants will be able to:

• Prepare documentation of the audit plan and audit strategy

• Link risk assessments with further audit procedures

• Customize audit programs

Practical guidance on required work for real world smaller company internal controls…  Determining when to assess controls and how to do it… Performing tests of controls to streamline substantive testing… Documenting the audit strategy… Performing risk assessment procedures… Performing substantive tests in the most efficient manner…  Evaluating known and likely misstatements.

Presentation Method: Using a small non-public company, the participants will walk through selected areas of an audit, with completed illustrative templates.

Level of Knowledge:  Basic

Prerequisites:  None

Recommended CPE Credit: 8 hours

Field of Study: Auditing

Advance Preparation: None

Availability Date: 5/1/2008

Author(s): William Loscalzo, CPA

Qualifies for 24 hour Yellow Book requirement.  Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients.  Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. 

It is recommended that this course not be scheduled back to back with “Changing Your Audit Strategy for the Risk Assessment Standards,” “Not-for-Profit Auditing Made Easy” or the four hour module “Changing Your Firm’s Audit Approach – Understanding the Risk Assessment Standards.”