Strategies for a Thorough
Yet Cost-Effective Examination
***Featuring a PCAOB Expert to Discuss AS5 and Recent Guidance About Applying it to Smaller Companies***
CD of Teleconference with Q&A
Click here for program outline
Conducted on Thursday, November 6, 2008
Now available on CD
Accounting Teleconference Advisory Board
From the day the PCAOB's Auditing Standard No. 5 (AS5) took effect in June 2007, accounting firms have struggled to apply its principles-based format to their examinations of internal controls at smaller, less complex public entities.
Firms have found it difficult to scale internal control audits down to the size and complexity of their smaller clients under AS5. In response, the PCAOB offered special guidance on how auditors can evaluate entity-level controls of these businesses without exam costs spiraling out of control.
However, major challenges persist for accounting firms and their smaller public clients. How can auditors effectively and efficiently adapt broad AS5 principles, which seem more appropriately geared toward big public companies, to these other business entities?
Listen as our panel of audit veterans presents alternatives to make AS5 work for internal control audits of smaller public clients.
The panel for this accounting event included:
Lorraine Chilvers, Associate Managing Partner (Recently Left Firm), Tatum, Atlanta. As regional practice leader, she until recently oversaw the executive services consulting firm's business development efforts. She spent 20 years working for companies including Novelis and MCI/WorldCom.
John Rowe, Managing Director, SEC and Business Advisory Services, SMART Accounting and Consulting Services, Devon, Pa. His 15-year career in accounting and auditing also includes stints as Internal Audit Director for a $1.5 billion chemicals manufacturer, and at Exxon–Mobil Corp. and PG&E. He is SMART's Internal Audit Thought Leader.
Mark Agulnik, Principal, Commercial and SEC Assurance Division, Rachlin, Fort Lauderdale, Fla. He has more than 10 years of experience and works on assurance services (including financial statement review and Sarbanes–Oxley implementation) and complex accounting issues. He previously worked as an internal auditor for a public company.
Dmytro Andriyenko, Associate Chief Auditor, PCAOB, Washington, D.C. He joined the PCAOB in 2004 after working in the assurance practices of KPMG and Arthur Andersen. At the PCAOB, he has worked in both the Chief Auditor's and Registration and Inspection divisions.
The panel helps you get a handle on these and other challenges:
- Making a principles-based controls audit work at a smaller company used to more of a checklist approach — and integrating that exam with the financial statement audit.
- Selecting which controls need to be tested under AS5.
- Gauging risk that a smaller company's actively involved management will try to override controls.
- Effectively using IT-based controls in a smaller business.
TELECONFERENCE CD
Purchase a CD-ROM of the full conference proceedings, including Q&A and PDF files of all handouts (available 10 days after the program).
- Regular Price - $247 (plus $9.45 S&H)
- With Teleconference Registration – an additional $75 (plus $9.45 S&H)
Self-study CPE is not offered on CD purchases.
Click here for program outline
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