Audit Planning for Calendar Year End

2 CPE/CU credits in Auditing

As we all know, audit planning is not a simple process. It involves a high degree of consideration of a client’s industry, regulations it has to comply with, its operations and administration, availability and assignment of a CPA firm’s resources, engagement timing, etc.  Fortunately, through proper planning, we may not only be able to be more efficient in our audit execution, but also provide clarity to practitioners regarding the importance of proper risk management techniques. Complying with all applicable AICPA Professional Standards when executing audit engagement to reduce professional liability and reputation risk is essential!

This training session will address the consideration of professional liability lessons learned from the following sections of the AICPA Statements on Auditing Standards (SASs):
o  Proper Time for Planning (AU-C §§300.02 and 300.A2):  The information learned during planning should be applied throughout the engagement to achieve appropriate conclusions.
o  Risk assessment (AU-C §315): Identifying areas of greatest risk early in an audit can allow for additional testing or analysis, reducing the likelihood of error that may result in a professional liability claim.
o  The Right Engagement Team (AU-C §300.05): Assigning complex or difficult areas of an audit to the appropriate level of expertise, depth of experience, or extent of review is an important step in reducing the likelihood of an error.
o  Additional considerations:
     >  Invest the time: Proper planning is an investment in time that is intended to pay dividends in later phases of the engagement. Identifying a potential issue or complex audit area at the start of the planning process could save time later in the audit.
     >  Flexibility: Planning is a guide for work to be performed, not a step-by-step instruction manual. Flexibility creates a positive tone that can be established in planning and carried through to issuance. The audit plan and strategy developed at the start of the engagement should be updated and adjusted based upon information gathered throughout the engagement.



Speaker Bio



Salvatore A. Collemi, CPA

Managing Member & Founder

Collemi Consulting & Advisory Services, LLC







Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms. Collemi Consulting & Advisory Services, LLC’s mission is to strive to promote and enhance global audit quality. His practice provides outsourced high-level strategic and technical guidance to external auditors, litigation attorneys, C-suite, valuation experts and institutions that support the CPA profession. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, financial statement preparation, bookkeeping, time & billing, etc. Mr. Collemi is also available as a keynote speaker at company retreats.



As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and national office technical partner at leading institutions such as the SEC, AICPA and several mid-size to large international public accounting firms, Mr. Collemi has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.



As a recognized subject matter expert on IFRS, Mr. Collemi was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014.