PCAOB AS 2110: Identifying & Assessing Risks of Material Misstatement
Strengthen your auditing skills and ensure compliance with regulatory standards by joining our PCAOB AS 2110 CPE training. This exclusive 2-hour webinar dives into the crucial process of identifying and assessing risks of material misstatement, equipping you with the tools needed to excel in your audit engagements. With expert-led instruction from industry professionals with Big 4 experience, this event offers actionable insights to drive audit quality and professionalism.
Why Attend PCAOB AS 2110 Risk Assessment Training?
1. Gain a Comprehensive Understanding of AS 2110
- Uncover the objective, scope, and significance of PCAOB AS 2110 in the auditing process.
- Learn how to tackle risk identification at both the financial statement and assertion levels.
2. Master Fraud Risk Assessment
- Develop skills to evaluate fraud risk factors and implement effective controls.
- Enhance your audit outcomes by addressing and mitigating risks of material misstatement due to fraud.
3. Stay Ahead in Your Professional Growth
- Earn 2 CPE credits, approved by NASBA, to meet your professional education goals.
- Gain confidence in applying best-practice methodologies directly to your audit work.
4. Learn from Expert Auditors
- Benefit from guidance and insights delivered by seasoned professionals with decades of industry experience, ensuring a practical and engaging learning experience.
What You’ll Learn
This course provides targeted training designed to make you proficient in the risk assessment process. Key learning objectives include:
Understanding PCAOB AS 2110
- Explore the requirements and foundational principles of the standard.
- Understand its pivotal role in audit quality and regulatory compliance.
Identifying Risks of Material Misstatement
- Learn strategies to detect risks at both assertion and financial statement levels.
- Enhance your ability to pinpoint potential issues before they escalate.
Fraud Risk Evaluation
- Delve into the nuances of assessing fraud risks, including practical steps to design and implement controls.
Evaluating and Testing Controls
- Gain expertise in assessing the design and effectiveness of control measures to manage identified risks.
Dynamic Risk Assessments
- Discover how to adapt risk assessments and revise audit plans as new evidence emerges during the audit process.
Course Details
- Schedule: Every 8 weeks on Tuesdays, from 1 p.m.–3 p.m. Central Time.
- Delivery Format: Group Internet-Based, designed for interactive learning.
- Credits: Earn 2 CPE credits, based on 50 minutes of instruction per hour.
- Fee: $140 per attendee.
- Private Sessions: Tailored scheduling available for teams of two or more.
Course Agenda
Session Highlights:
Introduction to PCAOB AS 2110
- Overview of the standard and its importance in auditing.
- Understanding the audit risk levels and considerations for materiality.
Risk Identification Techniques
- Effective tools for identifying risks of material misstatement.
- Insights on inherent risks, controls, and financial statement complexities.
Fraud Risk Assessment
- Practical approaches for uncovering and mitigating fraud factors.
- Using fraud assessment outcomes to inform broader audit strategies.
Dynamic Adaptation of Risk Assessments
- Frameworks for updating and refining risk evaluations as new information arises.
Real-World Applications and Expert Discussions
- Case studies and Q&A to solidify key concepts and ensure meaningful takeaways.
Who Should Attend?
This training is ideal for professionals who are committed to improving their risk assessment practices, including:
- Auditors and Accountants tasked with identifying risks in financial statement audits.
- Internal Auditors seeking to enhance their fraud detection and prevention skills.
- Financial Professionals aiming to refine their auditing methodologies and ensure compliance.
The Importance of PCAOB AS 2110
Risk assessment is a foundational element of effective auditing. PCAOB AS 2110 provides the guidance necessary to help auditors identify, assess, and address risks of material misstatement at every audit stage. This ensures not only compliance with auditing standards but also strengthens the accuracy, integrity, and reliability of financial reporting.
By mastering PCAOB AS 2110, auditors can:
- Protect organizations from financial reporting errors.
- Enhance transparency and trust with clients and stakeholders.
- Stay ahead in an evolving regulatory environment.
Elevate Your Audit Practice
Invest in your professional development with this focused PCAOB AS 2110 CPE training. Gain critical risk assessment expertise, improve your audit quality, and earn 2 CPE credits to fulfill your educational needs.
Register now to secure your spot and position yourself as a leader in risk assessment and audit excellence!
Details on Event Presentation
Offered every eight weeks on Tuesdays at 1:00 p.m. to 3:00 p.m. 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
- Deep Dive into AS 2110: Begin your journey with a thorough understanding of the PCAOB Auditing Standard 2110, its objectives, scope, and its pivotal role in enhancing audit quality.
- Risk Identification Techniques: Learn advanced strategies for pinpointing risks of material misstatement. Our expert will guide you through methodologies that help reveal risks at both the financial statement and assertion levels.
- Fraud Risk Assessment: Tackle the complexities of fraud risk with confidence. This segment offers a robust framework for evaluating fraud risk factors and designing effective controls to mitigate these risks.
- Evaluating Control Measures: Gain proficiency in assessing the adequacy and effectiveness of a company's control measures. This includes a close look at how controls are designed to address identified risks and their operational effectiveness.
- Dynamic Risk Assessment: Discover the art of dynamic risk assessment. Understand how ongoing evaluations and adjustments to risk assessments are crucial as new information becomes available throughout the audit process.
- Expert-Led Discussions: Benefit from the wealth of experience our speaker bring to the table. Engage in insightful discussions and Q&A sessions that enrich your understanding and resolve your queries.
Learning Objectives
This event will impove the PCAOB auditor's efficiency and effectiveness by:
- Understanding PCAOB AS 2110: Gain a comprehensive overview of the PCAOB Auditing Standard 2110, including its scope, purpose, and significance in the auditing process. This foundational knowledge will set the stage for a deeper exploration of risk assessment methodologies.
- Identify Risks of Material Misstatement: Learn how to identify risks of material misstatement at both the financial statement and assertion levels. Participants will explore techniques and considerations for uncovering potential risks that could impact the accuracy and reliability of financial statements.
- Assess Fraud Risks: Dive into the specific requirements of AS 2110 related to fraud risk, including the evaluation of fraud risk factors and the design and implementation of controls to address these risks. Understanding the nuances of fraud risk is crucial for auditors to protect against material misstatements due to fraud.
- Evaluate the Design and Implementation of Controls: Develop skills to evaluate the design of a company's controls intended to mitigate identified risks and determine whether these controls have been properly implemented. This objective emphasizes the importance of not just identifying risks but also assessing the mechanisms in place to manage those risks.
- Revise Risk Assessments: Understand the dynamic nature of risk assessments and learn how to adjust and revise risk assessments as new audit evidence emerges throughout the course of an audit. This segment will cover the necessity of being adaptable and responsive to new information that may affect the auditor's initial risk assessment.
Key Issues on the Agenda
Introductions and Administrative Items
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Introductions
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Learning Objectives
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What is the "PCAOB Auditing Standards" context?
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What are the Five Major Audit Standard Sections
Section 1 - Auditing Standard 1220 - Definitions and Concepts
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Materiality and Misstatements
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Risk Identification
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Inherent Risk in Financial Statements
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Designing Responses
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Consideration of Fraud
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Audit Risk Levels
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Noncompliance with Laws and Regulations
Section 2 - PCAOB Identifying and Assessing Risks Standard
- Objective of the Standard
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Performing Risk Assessment Procedures
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Obtaining an Understanding of the Company
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Industry, Regulatory, and Other External Factors
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Nature of the Company
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Selection and Application of Accounting Principles
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Company Objectives, Strategies, and Related Risks
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Company Performance Measures
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Obtaining an Understanding of ICFR
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Performing Walkthroughts
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Performing Analytical Procedures
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Factors Relevant to Identifying Fraud Risk
Section 2 - Going Forward and Summary
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PCAOB Inspections Observations
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Guidance on Engagement Quality Reviews
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Summary of the Subject Matter
In the realm of auditing, understanding and applying standards effectively is not just about compliance; it's about commitment to excellence and integrity. The PCAOB Auditing Standard 2110, focusing on Identifying and Assessing Risks of Material Misstatement, stands as a cornerstone in this pursuit, guiding auditors through the critical process of risk assessment in financial statement audits.
This CPE event is designed to unfold the layers of AS 2110, offering participants a deep dive into its principles, methodologies, and real-world applications. Through a blend of expert-led presentations, interactive discussions, and practical case studies, attendees will emerge with a robust understanding of how to effectively identify and assess risks of material misstatement, enhancing the quality and reliability of their audit engagements.
Authoritative Sources
In your journey to deepen your understanding of PCAOB Auditing Standard 2110 and its critical role in identifying and assessing risks of material misstatement, it's essential to have access to authoritative sources. These resources not only provide a foundation for learning but also offer insights that are invaluable for auditors committed to excellence and integrity in their practice. Below is a curated list of authoritative sources where you can explore more about AS 2110 and related standards:
Public Company Accounting Oversight Board (PCAOB) - AS 2110 Overview
- This page provides a comprehensive overview of AS 2110, laying out the approach to identifying and assessing risks of material misstatement.
- Here, you'll find a collection of auditing standards, including AS 2110. It's a valuable resource for understanding the broader context of auditing standards and how AS 2110 fits into the overall framework.
- PwC offers an insightful perspective on AS 2110, discussing the process of identifying and assessing risks of material misstatement. It's an excellent resource for auditors looking for practical insights and interpretations of the standard.
- The CAQ provides a focused discussion on the auditor's risk assessment process, highlighting the importance of standards like AS 2110 in ensuring effective audit planning and execution.
PCAOB Standard Setting and Research Projects - Noncompliance with Laws and Regulations
- This page discusses ongoing projects and enhancements related to auditing standards, including those that impact the evaluation of risks of material misstatement.
Exploring these resources will enrich your understanding and application of AS 2110, equipping you with the knowledge to navigate the complexities of auditing with confidence and integrity.