Auditing Bits in BytesT Session 5: Substantive Testing

This session focuses on performing the substantive audit procedures outlined in the detailed audit plan. Common deficiencies in performing and documenting these further audit procedures will be discussed.

• Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards.

• Identify steps to design and perform substantive audit procedures comprising the detailed audit plan
• Identify common deficiencies in performing and documenting further audit procedures, including both tests of details and substantive analytic procedures
• Recognize how to comply with specific requirements for extended tests of details performed to address higher risk of material misstatement, including external confirmation and sampling

• Nature, Timing & Extent of Substantive Testing - How to gather sufficient and appropriate audit evidence to support the audit opinion
• Substantive Analytic Review - Typical deficiencies in designing, documenting and leveraging audit evidence gathered through these further audit procedures
• Confirmations - Mistakes made in designing and evaluating the results of third-party confirmations as a form of persuasive audit evidence
• Sampling Considerations - Common misunderstandings related to designing, performing and concluding on tests of details
• Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement