DESCRIPTION
This module focuses on common deficiencies and comments from external quality review sources, such as peer reviewers and the PCAOB, in areas including risk assessment, analytical procedures over revenue, internal control testing, auditing estimates, and audit documentation. Throughout the module, the instructor will provide examples of situations in which these comments may occur in practice, use group discussion to link the concepts back to participants’ own experiences, and offer insights on how teams can avoid each type of audit deficiency.
LEARNING OBJECTIVES
- Describe common audit quality trends noted in external quality review inspections
- Analyze common findings to determine root causes, such as process breakdowns or judgment gaps
- Apply documentation best practices to prevent common findings, including improving linkage between risks, procedures, evidence, and conclusions
