Considerations for an Integrated Audit under AS 2201

Given the increasing pervasiveness of technology, internal controls over financial reporting (ICFR) are becoming critical to the success of an audit. Reliance on these controls help auditors ensure the completeness and accuracy of information. It also helps reduce the nature, timing, and extent of substantive procedures. While many audits already use an integrated approach, public company audits performed under PCAOB standards have incremental requirements when testing internal controls and issuing an auditor’s report on ICFR.

This CPE eLearning course (1.5 CPE) teaches you the specific PCAOB requirements for auditing internal control over financial reporting in an integrated financial statement audit. Therefore, any auditor of an integrated set of financial statements will find this course critical.

The integrated audit course explains the guidance within AS 2201, An Audit of Internal Control Over Financial Reporting That is Integrated with An Audit of Financial Statements.

Topics covered include:

•    Overview of PCAOB specifics

•    Planning procedures

•    Testing controls

•    Evaluating results and reporting

In summary, if you are an auditor who audits financial statements in accordance with PCAOB auditing standards, this integrated audit CPE course is an absolute must. It is easy to understand and full of practical examples and insights. And, with GAAP Dynamics, you know it will be engaging!

By the end of this course, you should be able to:

• Recall various specifics as it relates to the PCAOB and ICFR
• Identify AS 2201 requirements as it relates to audit planning procedures and testing controls
• Recall PCAOB specific concerns and considerations when evaluating results and issuing an ICFR audit opinion