The objective of the course is to examine practical issues on how to use the PEG Audit and Review forms in conducting assurance engagements, especially for smaller entities. The course will examine deficiencies and inefficiencies that we find as quality control monitors in a wide range of firm and engagement sizes, which are often rooted in a lack of understanding of the theory and methodology behind the forms.
In a risk-based audit, the overall underlying assumption is that every audit procedure must respond to a risk of material misstatement and/or address a specific CAS requirement. Failure to identify and document risks of material misstatement or an insufficient understanding of the CAS requirements will often lead to an inefficient or deficient audit.
The course will focus on key CAS requirements, the PEG audit methodology and key PEG forms that need to work together to document your audit strategy. Case study examples and forms will be used to:
• Document client acceptance and planning;
• Use the understanding of the entity to identify and assess risks of material misstatement;
• Summarize the identified risks at both the financial statement and assertion levels;
• Link the extent of audit testing to the assessed risks of material misstatement.
It’s been over two years since the new CSRE 2400 standards became effective. In our experience, very few files have made the transition from the previous standard, based almost solely in inquiry and analytical review, to the new “risk-based” review standard, which focuses on identifying areas of the financial statements where material misstatements can arise as the basis for designing review procedures. The new methodology and PEG forms represented a significant change from previous practice.
The objective of the course is to review key differences between CSRE 2400 and s. 8100 review techniques that often lead to implementation issues wh
Marcus Guenther MBA, CPA, CA
Marcus Guenther works with corporations and accounting firms to improve their workflow, internal control and risk management practices, as well as assisting with technical accounting and auditing issues. He is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles and teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations.