This program will review the requirements of risk-based auditing, address best practices when conducting planning and risk assessment procedures. Then, describe audit testing strategies including sampling and internal control testing and illustrate documentation examples that comply with the risk assessment standards. Additionally, this course will introduce, explain and outline how artificial intelligence (AI) can and already is, changing the audit process. Specifically, this course will examine how AI will change fundamental components of the risk-based audit process.
DESIGNED FOR
Audit practitioners having responsibility for planning and supervising audits, as well as other members of audit engagement teams involved with audits of non-public entities.
BENEFITS
Participants will be able to:
Apply the risk-based audit standards
Apply risk assessment audit procedures
Develop effective and efficient audit strategies for private entity audits
Select effective and efficient audit testing strategies
Determine when it might be more efficient to perform internal control testing
Differentiate and discuss the different kinds of AI currently in the marketplace
Identify how AI tools are already influencing and changing the audit and accounting profession
Be able to evaluate where to begin implementing AI in the audit and attest process
Discuss and articulate what firms are currently doing to implement AI within their organizationsHIGHLIGHTS
- Definition of artificial intelligence
- What AI means for business
- Applications of AI already in client firms
- Accounting implications of AI
- Market examples and updates
- Risk assessment process and procedures
- Audit planning and strategy
- Testing strategies
PREREQUISITES
Basic auditing course or equivalent experience.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- Qualifies for Yellow Book.
Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.