PCAOB AS 2305: Substantive Analytical Procedures
Enhance your auditing skills with our focused PCAOB AS 2305 Substantive Analytical Procedures Training Seminar. This two-hour CPE event offers deep insights into one of the key PCAOB auditing standards, providing attendees the knowledge and techniques to implement substantive analytical procedures effectively. Perfect for auditors, accountants, and financial professionals, this program emphasizes improving audit quality to meet today’s rigorous compliance requirements.
Why Attend?
1. Master Substantive Analytical Procedures - Learn the core principles, purposes, and benefits of substantive analytical procedures and how they enhance the reliability of financial statements.
2. Strengthen Audit Methodologies - Understand how PCAOB AS 2305 integrates with the audit process to acquire and evaluate evidence using analytical procedures.
3. Raise Your Professional Profile - Gain 2 NASBA-Approved CPE credits and advance your career with improved auditing skills and expertise.
4. Learn From Expert-Led Training - This course is led by instructors with Big 4 audit experience, blending theory with practical insights for immediate implementation in your auditing engagements.
What You’ll Learn
This seminar breaks down PCAOB AS 2305 into actionable components, covering key elements from understanding the standard to executing and documenting results.
Course Highlights
1. Comprehensive Overview of AS 2305:
- Learn the purpose and scope of PCAOB AS 2305.
- Explore the roles substantive analytical procedures play in acquiring reliable audit evidence.
2. Designing Substantive Analytical Procedures:
- Discover planning techniques for effective procedures tailored to specific engagements.
- Identify reliable data sources and establish accuracy and validity for meaningful outcomes.
3. Executing Analytical Procedures:
- Understand the practical application of variance and deviation analysis.
- Utilize professional judgment to evaluate reasonableness and expectations in financial assertions.
4. Evaluating and Documenting Results:
- Assess the reasonableness of results and determine if further procedures are needed.
- Meet PCAOB requirements for documenting substantive analytical procedures.
Key Topics Covered:
- Introduction to PCAOB AS 2305 and its audit significance.
- Analytical methods and techniques (including predictability and precision).
- Evaluating control deficiencies based on data results.
- Insights from recent PCAOB inspections and common findings.
Benefits of Attending
- Enhance Audit Quality: Strengthen the integrity and reliability of audits with well-executed analytical procedures.
- Practical Strategies: Walk away with actionable knowledge to implement in your next audit engagement.
- Professional Development: Position yourself as a knowledgeable professional by earning 2 CPE credits in Auditing.
Event Details
- Schedule: Held every eight weeks on Tuesdays, 10 a.m. – 12 p.m. CST.
- Delivery Format: Group Internet-Based, featuring interactive discussions and real-world applications.
- CPE Credits: 2 NASBA credits in Auditing.
- Cost: $140.
- Private Events Available: Options for two or more participants to cater to your specific team’s needs.
Who Should Attend?
This course is tailor-made for professionals seeking to refine their knowledge in PCAOB auditing standards, including:
- Auditors: Enhance the quality of your PCAOB-regulated audits.
- Accountants: Gain deeper insights into analytical procedures for financial reporting assurance.
- Financial Professionals: Strengthen the reliability of audit evidence with industry-relevant techniques.
Why PCAOB AS 2305 Matters
PCAOB Auditing Standard 2305 focuses on the strategic use of substantive analytical procedures, providing auditors with a robust framework for acquiring and evaluating evidence efficiently. By adhering to this standard, organizations can ensure:
- Audit Precision: Improved error identification and investigative rigor.
- Regulatory Compliance: Alignment with PCAOB standards for public companies.
- Enhanced Financial Quality: Confidence in the accuracy and validity of financial statement assertions.
Register Today
Take the next step in your professional development. With this 2 CPE credit seminar, you’ll gain the tools needed to excel in your audits and bring lasting value to your engagements.
Register now to solidify your expertise in PCAOB AS 2305 and elevate your auditing career!
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
- Introduction to PCAOB Auditing Standard 2305 with a brief overview of the PCAOB and its role in auditing standards.
- Explanation of the purpose and scope of Auditing Standard 2305.
- Importance of substantive analytical procedures in the audit process.
- Understanding Substantive Analytical Procedures by defining and underatnding the objectives of substantive analytical procedures.
- Seeing the role of substantive analytical procedures in obtaining audit evidence.
- Planning and Designing Substantive Analytical Procedures.
- Executing Substantive Analytical Procedures; Data gathering and analysis techniques for conducting substantive analytical procedures.
- Identifying reliable sources of information and data.
- Evaluating Results and Documentation:Assessing the reasonableness of the results obtained from analytical procedures.
- Documentation requirements for substantive analytical procedures
Learning Objectives
This event will impove the PCAOB auditor's efficiency and effectiveness by:
- Understanding how to respond to risks with substantive analytical procedures,
- Gaining practical insights on applying analytical procedures,
- Evaluating the results of using substantive analytical procedures,
- Seeing where the PCOAB has called out audit deficiencies under the auditing standard.
Key Issues on the Agenda
Introductions and Administrative Items
- Introductions
- What is the PCAOB Auditing Standards context?
- What are the Five Major Audit Standard Sections?
- AS 2305 is the seventh most sighted PCAOB AS in the Big Eleven Inspection Reports
Section 1 - Auditing Standard 2305 - Definitions and Concepts
- Substantive Testing Procedures
- Assertions in the Financial Audit World
- Reasonableness of Financial Statement Assertions
- Flavors of Materility
- Expectations
- Analytical Methods and Techniques
- Data Reliabiltiy and Validity
- Understanding Deviation and Variance Analysis
- Professional Judgment
- Reasonableness Testing
- Audit Documentation
Section 2 - PCAOB Auditing Standard 2305
- Introduction
- Objective
- Analytical Procedures Used as Substantive Tests
- Nature of Assertion
- Plausibility and Predictability of the Relationship
- Availability and Reliability of Data
- Precision of the Expectation
- Investigation and Evaluation of Significant Differences
- Documentation of Substanttive Analytical Procedures
Section 3 - Going Forward and Summary
- PCAOB Inspections Observations
- Which Auditing Standard Paragraphs to Focus Upon
Summary of the Subject Matter
Attend our comprehensive two-hour CPE event on PCAOB Auditing Standard 2305: Substantive Analytical Procedures. Led by an expert instructor, this event is designed for auditors, accountants, and financial professionals seeking to enhance their understanding and implementation of this important standard.Gain insights into planning and executing substantive analytical procedures, evaluating results, and recent updates. All of our instructors have Big 4 audit experience in providing substantive analytical procedures in auditing public companies. Engage in interactive discussions, practical examples, and Q&A during the event to deepen your knowledge. Don't miss this opportunity to strengthen your auditing skills and stay up-to-date with PCAOB requirements.Authoritative Sources
Here are some authoritative sources that will further enrich your understanding and application of PCAOB AS 2305. These resources have been selected not only for their relevance and authority but also for their ability to speak directly to your needs as an auditor, accountant, or financial professional committed to excellence.
- Public Company Accounting Oversight Board (PCAOB) - AS 2305: Substantive Analytical Procedures: Starting with the standard itself is crucial. Here, you'll find the foundational knowledge direct from the regulatory body, detailing the purpose, scope, and requirements of AS 2305. This document is indispensable for anyone looking to deepen their understanding of substantive analytical procedures.
- The American Institute of CPAs (AICPA) - Guide to Audit Data Analytics: While not specifically focused on AS 2305, this guide is incredibly valuable for auditors looking to leverage data analytics in their audit processes, including substantive analytical procedures. It offers insights into how technology can be used to enhance the efficiency and effectiveness of audits.
- Journal of Accountancy - How to Improve Audit Quality: This article explores various strategies to improve audit quality, including the effective use of substantive analytical procedures. It provides practical advice and real-world examples that can help you implement these procedures more effectively in your audits.
- Deloitte - Enhancing Audit Quality: Insights and Learnings: Deloitte shares insights and learnings related to enhancing audit quality, which includes discussions around the role of substantive analytical procedures. This resource can offer a broader perspective on how these procedures fit into the overall goal of achieving high-quality audits.
- PCAOB - Observations from Inspections: Understanding the common pitfalls and areas of concern identified during PCAOB inspections can be instrumental in refining your approach to substantive analytical procedures. This resource provides a window into the regulatory perspective, helping you anticipate and address potential issues before they arise.
Each of these resources has been chosen not just for the depth of information they provide but for their potential to resonate with you—to speak to your aspirations, challenges, and the commitment you bring to your work every day. As you explore these resources, may you find not just information but inspiration. May each page turn or click lead you closer to the mastery and confidence you seek, armed with the knowledge that every step you take is a step toward excellence in the service of truth, transparency, and trust.