Program Level: Intermediate
This session will provide external auditors both practical and insightful perspectives on how to navigate an audit engagement of a private company in 2020. You’ll learn which areas of the audit have increased in risk due to COVID-19 as well as what alternative audit procedures are available to engagement teams in circumstances where traditional audit procedures are not possible. You’ll acquire a clearer and deeper understanding of what will be needed to be done in order properly perform audit engagements under this difficult environment in accordance with Professional Standards.
Who is the course designed for:
Practitioners in public practice who conduct audits of privately-held organizations.
• Proper planning of an audit engagement during the pandemic
• Changes in the risk assessment procedures in response to COVID-19
• How to gain an understanding of an organization’s internal control environment remotely
• Properly communicating with management, board of directors and those charged with governance
• Increase in going concern assessments
• Significant financial reporting and disclosure implications
- Identify areas of the audit where risk has gone up significantly due to the pandemic.
- A discussion of viable alternative audit procedures to perform
- Addressing potential reporting implications