PCAOB AS 2305: Substantive Analytical Procedures
Join us for an insightful CPE event as we delve into the intricacies of PCAOB Auditing Standard 2305, focusing on Substantive Analytical Procedures. Designed for auditors, accountants, and professionals involved in financial reporting and auditing, this two-hour event aims to provide a comprehensive understanding of the standard and equip attendees with practical knowledge to effectively implement it in their engagements.
Throughout the event, our expert instructor, who has Big 4 audit experience , will guide participants through an engaging journey, combining theory, practical examples, and interactive discussions. By the end of the event, attendees will gain a solid grasp of Auditing Standard 2305 and its critical role in ensuring the integrity and reliability of financial statements.
Our experienced instructors will then dive into the core principles and concepts of substantive analytical procedures. Attendees will grasp the distinction between substantive procedures and tests of controls, and understand how these procedures contribute to the acquisition of robust audit evidence.
A crucial aspect of implementing Auditing Standard 2305 lies in the planning and design of substantive analytical procedures. Executing substantive analytical procedures can present unique challenges. The instructor will provide guidance on identifying reliable sources of information and data, ensuring the accuracy and validity of results obtained from these procedures.
Evaluating the results obtained from substantive analytical procedures is a critical step in the audit process. Participants will learn how to assess the reasonableness of these results and determine whether further procedures are necessary. The importance of documentation will also be emphasized, with insights into the requirements for documenting substantive analytical procedures.
Join us for this comprehensive two-hour CPE event, and equip yourself with the knowledge and skills to confidently apply PCAOB Auditing Standard 2305 in your auditing engagements. Discover how substantive analytical procedures contribute to effective audits, enhance your ability to assess financial statements, and fortify your professional expertise in the evolving landscape of auditing standards. Don't miss this opportunity to gain a competitive edge in your career. Register now!
Attendees in this PCAOB auditing standard CPE event will earn 2 CPE Event Hours (YB). A certificate of completion will be provided.
Don't miss this opportunity to enhance your understanding of substantive analytical procedures. Register now to gain valuable insights and techniques that will elevate your effectiveness in conducting PCAOB regulated audits.
Details on Event Presentation
Offered every six 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
- 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.