DESCRIPTION
This module focuses on the evaluation of audit evidence near the end of the engagement, where auditors must often exercise critical thinking and professional judgment – specifically uncorrected misstatements and deficiencies in internal control. Through small group exercises and quiz games, participants will gain an understanding of the carryforward impact of prior year passed adjustments, practice categorizing the severity of internal control deficiencies, and review requirements for communication with those charged with governance.
LEARNING OBJECTIVES
- Contrast available approaches for addressing uncorrected misstatements
- Evaluate and classify deficiencies in internal control
- Identify required communications with the client