New PCAOB Audit Risk Assessment Standards

Master the Guidelines for Analyzing Material Risk of Misstatements in Financials

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, September 30, 2010

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will prepare accounting advisors to comply fully with the new PCAOB audit risk standards for post-Dec. 15, 2010 period audits, utilizing a comprehensive risk-assessment approach.

Description

Accounting firms waited nearly two years for the long-awaited revisions to the PCAOB audit risk assessment standards. The recent release of Auditing Standards Nos. 8 through 15 completes that comprehensive overhaul, effective with audits of post-Dec. 15, 2010 periods.

The new standards, which supersede six interim PCAOB standards and associated AU sections, are of significant importance to firms that audit smaller public entities (particularly those not subject to Sarbanes-Oxley Sect. 404b) and firms needing to bridge the PCAOB and AICPA risk standards.

Outside auditors must intimately familiarize themselves with new guidelines governing their assessment of, and response to, risks of material misstatement in financial statements as well as procedures they follow from initial audit planning through evaluation of audit results.

Listen as our panel of experienced audit specialists explains and analyzes the new PCAOB audit risk assessment standards, both reviewing technical terms and presenting application scenarios.

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Outline

  1. Background
    1. Standards initially proposed in October 2008
    2. Extensive comment periods and revisions
    3. Replace six PCAOB interim standards and related amendments
  2. Details of new standards
    1. Effective for audit periods starting on or after Dec. 15, 2010
    2. AS No. 8 on audit risk
    3. AS No. 9 on audit planning
    4. AS No. 10 on supervising the audit engagement
    5. AS No. 11 on considering materiality in planning and performing an audit
    6. AS No. 12 on identifying and assessing risks of material misstatement
    7. AS No. 13 on auditor responses to risks of material misstatement
    8. AS No. 14 on evaluating audit results
    9. AS No. 15 on audit evidence
  3. Likely compliance scenarios under new standards
    1. Audits of smaller public entities not currently falling under SOX Sect. 404b
    2. Bridging to audit firm’s approach under AICPA risk standards

Benefits

The panel will explore these and other important subjects:

  • Material changes between the new PCAOB risk standards and the previous versions.
  • Similarities and differences between the PCAOB and AICPA risk standards.
  • Meeting the new PCAOB standards in audits affected for the first time.
  • Fusing compliance with those standards into your firm's existing audit risk approach.

Faculty

Clarence Ebersole
Clarence Ebersole
Partner-In-Charge of Methodology and Training, Assurance Professional Practice Group
Crowe Horwath

He has worked for the firm since 1974 and his current responsibilities include developing audit processes and ensuring...  |  Read More

Beila Sherman
Beila Sherman

Senior Manager, Assurance Services
MarcumRachlin

She has more than 20 years of experience consulting with clients on complex auditing and accounting issues. In her...  |  Read More

Richard Gesseck
Richard Gesseck

Audit Partner
CohnReznick

He has more than 35 years of public accounting experience, including 20 years as a partner at Ernst & Young and...  |  Read More

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