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Applying SAS 56: Analytical Procedures in Today's Economic Environment

SAS 99 changed forever the scope and approach of attestation engagements. Together with the difficult economic environment, scarcity of financing options and managements drive to "make the numbers" all present today's audit professional with a unique and formidable challenge. The old approach of "Three Tick Marks and a Cloud of Dust" to borrow a phrase, is no longer acceptable. The Risk-based approach suggested by today's audit standards requires the auditor to know more about the entity than ever before. This OnDemand Webinar will give you an overview of how to apply Analytical Review techniques to today's Risk-Based audit engagements, along with a number of tools and techniques you can apply today.


Runtime: 84 minutes
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Background Causing the Evolution of Auditing Standards

  • How SAS 56 Interfaces With Other Recent Pronouncements Including SAS 99, SAS 98, SAS 103, SAS 106, SAS 108

Analytical Procedures and the Standards of Fieldwork

  • What Analytical Review Applications Are Used to Ensure the Development of the Best Audit Evidence to Support the Audit Assertions?

Analytical Procedures in Planning the Audit

  • How Auditors Can Us Analytical Procedures as an Integral Part of the Audit Planning Process

Analytical Procedures Used as Substantive Tests

  • The Nature of the Assertion and the Timing and Extent of Substantive Testing
  • Relating the Plausibility and Predictability of the Analytical Relationship and the Audit Assertion
  • The Availability and Reliability of Analytical Data
  • Developing the Acceptable Level of Expected Precision From Analytical Procedures
  • Investigation and Evaluation of Unacceptable of Unexpected Differences

Documentation of Substantive Analytical Procedures

  • The Standards of Audit Evidence and Documentation as They Relate to the Use of Analytical Procedures When Used as Part of Both the Compliance and Substantive Testing Plan

Using Analytical Procedures in the Audit Final Review

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on September 14, 2012.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Richard T. Balog, CPA/CFF, CIA, CGFM, DACFE

Richard T. Balog, CPA/CFF, CIA, CGFM, DACFE

Balog + Tamburri, CPAs

  • Managing partner for the certified public accounting firm of Balog + Tamburri, CPAs
  • Has been a CPA since 1972 and is certified in Maryland, Florida and the USVI
  • Internationally recognized seminar leader in providing audit, accounting, finance and business management professional development for over 30 years
  • Has won awards from The Institute of Internal Auditors and was currently named as a member of the Top 50 Small Business Influencers for his work as a CPA
  • Served as executive office partner for KPMG and headed the firm’s executive education department
  • Was the highest-rated seminar leader of The American Management Association financial programs faculty
  • Was named outstanding staff faculty member for the Institute of Internal Auditors; he also served on the professional staff of the Committee of Sponsoring Organizations (COSO) where he helped develop the COSO Structured Framework
  • Was awarded the Distinguished Leadership award for his extraordinary contribution to the audit profession
  • Served as manager of internal audit for Blue Cross and Blue Shield of Maryland, and began his career with a national accounting firm
Rob Tamburri

Rob Tamburri

Balog + Tamburri LLC

Rob Tamburri, CPA, PFS, MBA

  • Managing partner for the Atlanta, GA office of the certified public accounting Firm of Balog + Tamburri, LLC
  • Manages the conduct of the firm’s tax and financial consulting engagements specializing in taxation, accounting, and virtual CFO consulting
  • A well-known speaker regarding tax and economic matters and has appeared on CNBC “Power Lunch” and Bloomberg Television
  • Prior to forming Balog + Tamburri CPA’s he successfully established The Tamburri Financial Group, LLC. (www.tamburrifinancial.com) which specializes in investment management and financial planning and before that was recruited by Deloitte & Touche in New York City joining their financial services sector working with clients in insurance, real estate and brokerage
  • More recently, from 1999 to 2009 he was responsible for the finance and investment operations of a leading wealth management firm in Atlanta where he functioned as the CFO and led their investment committee
  • Member of the American Institute of Certified Public Accountants, Georgia Society of CPA’s a licensed Certified Public Accountant in Georgia and New York, and is a Personal Financial Specialist (PFS) as designated by the AICPA
  • Holds FINRA licenses 4, 7,24,66 and is a personal financial specialist (PFS)
  • M.B.A. degree in international finance, Thunderbird School of Global Management; B.S. degree, State University of New York at Albany
  • Can be contacted at 770-804-6403
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Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 388432
Published 2012
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