2020 Year-End Update and Productivity Training: PPC Methodology Essentials
Level: Overview
This course provides practical guidance from AuditWatch’s expert consultants on how to conduct efficient and effective audits of small businesses using PPC’s Guide to Audits of Non-public Companies. Specifically, we will discuss best practices in the following areas – planning your engagements, understanding the entity and internal controls, risk assessment and testing of internal controls, audit procedures and wrapping up the engagement.
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Course Objectives:
- Understanding the entity and its environment
- Assessing the design effectiveness and verifying the implementation of key controls within the significant classes of transactions
- Using our understanding of the entity and its environment, including internal controls, to better identify and document potential material risks
- Assessing inherent and control risks to derive risks of material misstatement for the relevant assertions on the current year engagement
- Developing more effective and efficient audit in order to reduce risk of material misstatement to an acceptably low level:
- Testing the operating effectiveness of key controls
- Developing effective and efficient analytical procedures
- Choosing items for tests of details (sampling, scoping)