Overview of the implications of remote audits in uncertain times and the impact in the financial statement. From planning a remote audit, to areas of heightened risk, to reporting implications, we will bring you up to what you need to know when auditing in the current environment. At the end of 2020, as the COVID-19 virus spreads, responsible organizations recognize their employees need to work remotely. But how do you ensure your audit staff meet required auditing standards while auditing remotely? And how do you ensure heightened risk has been properly mitigated?

Through all of this, auditors’ responsibility to plan and perform any audit or assurance engagement with professional skepticism remains unchanged. Auditors still have a duty to remain alert to the quality of evidence and whether that evidence is sufficient and appropriate to reduce audit risk to an appropriately low level. Review the best practices to ensure your audit follows the standards, especially as it relates to accounting areas that need extra attention, fraud, internal control, risk assessment, and documentation.

Topics:

• Impact of the environment
• Impact on the audit process
• Impact on financial statements
• Auditor’s reporting and communications

Objectives: Upon completion of this course participants will be able to:

1. Understand the impact of the current environment in planning an audit.
2. Design and perform an auditing remotely.
3. Identify audit areas where the audit risk is heightened due to current environment.
4. Know the implications of performing audit procedures on areas with the most significant impacts due to the current environment, such as inventory observations, effectiveness of internal control, etc.
5. Learn about alternative approaches to obtaining sufficient audit evidence when traditional audit procedures are not possible.
6. Understand reporting implications of COVID-19.

Instructional Delivery Method: "Programa de grupo por internet: webinar en vivo".

P. R. Field of Study: Accounting and Auditing

NASBA Field of Study: Auditing - Technical

Pre-requisite: General knowledge of audit procedures and pronouncements.

Advance Preparation: None

Level: Intermediate

Date: December 16, 2020

Registration: 8:15am – 9:00am                      Webinar: 9:00am – 12:00pm

Instructor: Raúl Hernández Rivera, CPA, Socio, RSM Puerto Rico

Place: The webinar will be transmitted via Zoom.