PCAOB Auditing Standard 2105: Consideration of Materiality - 2 CPEs
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PCAOB 2105 Materiality SEC AS CPE CPA CIA IIA External Audit risk training course compliance SOX 404 COSO ICFR ITGC Auditing Standard Audit report best workpapers NASBA
This PCAOB Auditing Standard 2105: Consideration of Materiality in Planning and Performing an Audit establishes requirements regarding the auditor's consideration of materiality in planning and performing an audit.
In interpreting the federal securities laws, the U.S. Supreme Court has held that a fact is material if there is "a substantial likelihood that the . . . fact would have been viewed by the reasonable investor as having significantly altered the 'total mix' of information made available." As the Supreme Court has noted, determinations of materiality require "delicate assessments of the inferences a 'reasonable shareholder' would draw from a given set of facts and the significance of those inferences to him.
This timely, two hour morning CPE training event is designed for the CPA firm staff members who will be working on PCAOB regulated audits. The attendees will learn how this PCAOB Auditing Standard should be reflected in the auditing workpapers.
Follow the below links for further detail information:
. Seminar Highlights
. Learning Objectives
. Key Issues on the Agenda
The retail cost of this 2 CPE seminar is $120.00 for the first attendee from a single organization. Discounts are available for more than one attendee from each organization: (2) $230.00 (3) $325.00 (4) $410.00 (5) $510.00.
To reserve your space, click here on "SIGN-UP NOW!". You have to complete the registration form and use the corresponding "Submit Registration Form and Move to Payment Options Page" button for filing the registration and moving to the payment page.
Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.
Program Level of Understanding: Basic
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour
Upcoming Virtual PCAOB Auditing Standard 2105 events:
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PCAOB SEC AS CPE CPA CIA IIA External Audit risk training course compliance SOX 404 COSO ICFR ITGC Auditing Standard Audit standard report best workpapers NASBA
Based on the relevant professional literature and PCAOB Auditing Standards:
- Considering materiality is a complex process,
- Requires substantial professional judgment,
- Setting materiality requires both quantitative and qualitative considerations,
- Audit planning focuses audit procedures on detecting quantitatively material misstatements,
- Understanding that misstatements require the auditor to look both quantitatively and qualitatively to judge the effect on the financial statement opinion.
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- Improving the PCAOB auditor's efficiency and effectiveness
- Understanding the audit materiality planning requirements as defined by the PCAOB
- Understanding the audit progression requirements as defined by the PCAOB concerning materiality
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Key Issues on the Agenda
Two Hours of CPE
Section 1 - Introductions and Administrative Items
. What is the IFRS Position on Materiality?
. What is the U.S. GAAP Position on Materiality?
. Different Flavors of Materiality.
Section 2 - Issues within 2019 Inspection Reports
. Why is the PCAOB concerned with Materiality?
. What is the "Tradecraft"?
Section 3 - Consideration of Materiality in Planning and Performing an Audit
. PCAOB Section 2100 Audit Planning and Risk Assessment
. Major Topics in the Standard
. Introduction (paragraphs .01-04)
. Objective (paragraph .05)
. Considering Materiality in Planning and Performing an Audit (paragraphs .06-.10)
. Considerations as the Audit Progresses (paragraph .11)
Section 4 - Determining Materiality in the Audit of Financial Statements
. Determining Overall Materiality
. Materiality Benchmarks Used in Pactice
. Understand the Problems with Benchmarks
. Examples of Levels Being Used
. Emerging Approaches to Materiality
. Document Justification
. Setting Materiality
Section 5 - Consideration of Materiality
. The Types of Materiality
. Summary of AS 2105
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