PCAOB AS 2101: Auditing Planning
Boost your skills in audit planning with our specialized webinar on PCAOB AS 2101. This 2 CPE-credit event is tailored for auditors and accounting professionals aiming to master the audit planning process under the latest PCAOB standards. With expert instructors drawing on Big 4 auditing experience, this session provides actionable insights to help you deliver high-quality, reliable audits while ensuring regulatory compliance.
Why Attend PCAOB AS 2101 Audit Planning Training?
1. Deepen Your Knowledge of Audit Planning Standards
- Understand the requirements of PCAOB AS 2101 and their impact on financial audits.
- Learn to develop and document robust audit plans tailored to risk assessment and materiality.
2. Enhance Audit Quality
- Perform effective risk identification and response strategies.
- Incorporate best practices for documenting audit planning decisions to adhere to compliance.
3. Earn 2 CPE Credits
- Fulfill your CPE requirements and enhance your professional profile with this streamlined, 2-hour program that’s NASBA-approved.
4. Learn from Seasoned Experts
- Gain insights from experienced instructors with decades of audit planning expertise, ensuring you receive practical strategies and real-world applications.
What You’ll Learn
This interactive training session is designed to help you master the audit planning process based on PCAOB AS 2101. Key learning objectives include:
Understanding PCAOB Audit Planning Essentials
- Explore fundamental requirements for planning audits of financial statements.
- Discover key considerations, from internal controls to identifying risks of material misstatement.
Executing Effective Risk Assessments
- Learn to assess both fraud and financial misstatement risks.
- Understand the role of materiality in tailoring audit procedures.
Mastering Documentation and Compliance
- Discover how to organize and document audit plans effectively.
- Stay prepared for inspections with detailed, reliable audit workpapers.
Applying Best Practices
- Use proven methods for communicating with governance teams.
- Ensure your audit plans comply with all professional and ethical standards.
Course Details
- Schedule: Offered every 8 weeks on Tuesdays, from 10 a.m.–12 p.m. CST.
- Delivery Format: Group Internet-Based, with opportunities for Q&A and discussion.
- Credits: Earn 2 CPE credits based on 50 minutes of instruction per hour.
- Fee: $140 per attendee.
- Private Sessions: Tailored scheduling available for groups of two or more.
Course Agenda
Session Overview
The 2-hour training is packed with essential knowledge and interactive discussions to maximize learning.
Introductions and Context
- The role of audit planning in the PCAOB framework.
- Overview of the five major auditing standard sections.
Key Concepts in PCAOB AS 2101
- Definitions, objectives, and responsibilities of engagement partners.
- Handling complex situations like multi-location engagements.
Developing the Audit Plan
- Understanding audit evidence and sufficiency.
- Steps for planning, assessing risks, and incorporating internal control evaluations.
Best Practices and Application
- Guidance from PCAOB inspections.
- Strategies for improving effectiveness and staying compliant with evolving standards.
Who Should Attend?
This course is ideal for professionals involved in audit planning and execution, including:
- Auditors seeking to refine their skills in PCAOB audit compliance.
- Accounting Professionals aiming to enhance their audit planning framework.
- Audit Managers responsible for leading audit teams toward effective planning strategies.
Whether you’re new to audit planning or looking to sharpen your expertise, this course equips you with the tools and insights to excel.
Why PCAOB AS 2101 Matters
PCAOB AS 2101 focuses on building a strong foundation for each audit engagement. Careful planning ensures that auditors identify and address risks effectively, reducing errors and ensuring compliance with industry regulations. By mastering these standards, you’ll not only meet regulatory requirements but also enhance the accuracy and quality of your audits, building trust with stakeholders and clients alike.
Take Your Audit Planning to the Next Level
Invest in your professional growth with this high-impact training on PCAOB AS 2101. Gain expert knowledge, earn 2 CPE credits, and bring best practices to your audit planning process.
Register now to secure your spot and advance your career as a trusted audit professional!
Details on Event Presentation
Offered every eight weeks on Tuesdays at 10:00 a.m. to 12:00 noon Central Time in two CPE-Credit event.
We can schedule private events on your timetable for two or more attendees.
NASBA Program Disclosure
Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour
CPE Event Highlights
- Understanding the requirements of PCAOB AS 2101 for auditing planning
- Learning how to effectively plan and execute audits
- Learning how to identify and respond to potential audit issues
- Understanding best practices for auditing planning and documentation
- Interactive and engaging learning environment with opportunities for Q&A and discussion
- Expert speaker with over 40 years of experience in auditing and accounting
Learning Objectives
This event will impove the PCAOB auditor's efficiency and effectiveness by:
- Understanding the concepts of auditing planning
- Knowing the auditor’s planning responsibilities
- Determining how to address the next detail steps in measuring the financial statement risks and put them into context
Key Issues on the Agenda
Introductions and Administrative Items
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Introductions
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What is the "PCAOB Auditing Standards" context?
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What are the Five Major Audit Standard Sections
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What is in AS 2101: Audit Planning
Section 1 - PCAOB AS 2101 - Definitions and Concepts
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Auditing: Art or Science
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Audit Evidence: Sufficiency - Appropriateness - Assertion
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Phases of a Financial Audit
Section 2 - PCAOB AS 2101
- Introduction and Objective
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Responsibilities of the Engagement Partner
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Planning the Audit
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Multi-Location Engagements
Section 2 - Going Forward and Summary
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PCAOB Inspections Observations
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Guidance on Auditing Planning
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Summary of the Subject Matter
The PCAOB AS 2101 establishes requirements for the auditor's planning of an audit. The standard requires the auditor to plan the audit to address the risks of material misstatement, including those due to fraud. The auditor should also consider the entity's internal control in developing the audit plan. All of our instructors have Big 4 audit planning experience.
The standard provides guidance on the components of the audit plan, including the timing and extent of procedures, and emphasizes the importance of communication with those charged with governance and others involved in the audit. The auditor should document the audit plan and any significant changes to it.
The standard also requires the auditor to assess the risk of material misstatement at the financial statement and assertion levels and to document this assessment. The auditor should use this assessment to develop an audit strategy that addresses the risks identified.
Overall, the PCAOB AS 2101 standard emphasizes the importance of careful auditing planning in conducting an audit and the need to document the planning process and any significant changes to the audit plan.
Authoritative Sources
Following your engagement with the CPE event centered around PCAOB AS 2101: Audit Planning, it's natural to yearn for deeper insights—to seek out resources that not only expand your understanding but also connect you to the very heart of why we do what we do. In this spirit, I've curated a list of authoritative sources that serve not just as guideposts but as companions on your journey towards mastering the art of audit planning:
- Public Company Accounting Oversight Board (PCAOB) - AS 2101: Audit Planning: At the very foundation of our exploration, AS 2101 itself offers a comprehensive look at what audit planning entails. This standard provides a roadmap for auditors, outlining how to establish an overall audit strategy and develop an audit plan that addresses risk assessment, materiality, and the nature, timing, and extent of audit procedures.
- PCAOB - Amendments to Auditing Standards Relating to the Auditor’s Assessment of and Response to Risk: These amendments, effective for audits of financial statements for fiscal years ending on or after December 15, 2024, bring updates to AS 2101 among other standards. Understanding these amendments is crucial for staying abreast of the latest developments in audit planning.
- PwC's Viewpoint on AS 2101 — Audit Planning: PwC's viewpoint provides a professional interpretation and practical advice on implementing AS 2101 within the audit process. This resource is invaluable for understanding how to apply the principles of audit planning in real-world scenarios.
- Deloitte’s CAQ Alert #2024-01, Amendments to PCAOB Standards: This alert offers an overview of recent amendments to PCAOB standards, including AS 2101. It’s instrumental for auditors looking to stay updated on changes that affect the conduct of audit planning and the broader audit process.
- PCAOB - Auditing Standards: A broader look at the PCAOB's auditing standards can provide context and a holistic understanding of how AS 2101 fits into the wider framework of audit requirements and expectations. This resource is a lighthouse for anyone navigating the complexities of auditing standards.
- Auditing Standards
In engaging with these resources, remember that each step taken is a stride towards not just professional development but towards embodying the ethos of our profession—integrity, diligence, and a relentless pursuit of truth. Audit planning, with its nuances and layers, is more than a phase in the audit process; it's a testament to our commitment to quality and excellence in everything we do.