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PCAOB Audit Tradecraft for the Broker -Dealer External -Anaheim, CA(CCS)

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Regus Office Facility

Stadium Towers Plaza at 2400 E. Katella Avenue

Suite 800

Anaheim, CA 92806

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Event description
PCAOB Audit Tradecraft for the Broker-Dealer External Auditor

About this Event

The PCAOB Interim Inspection Program is focused on the external auditor that provides services to the Broker-Dealer.
The PCAOB inspectors' goal is to analyze how the audit was performed and to answer key questions, such as-
. Whether the firm followed the procedures required under the PCAOB's auditing standards.
. Whether the firm identified any areas in which the financial statements did not conform to GAAP in a material respect.
. How the firm handled potential adjustments to the financial statements.
. Whether there was any indication that the firm was not independent, as required under SEC and PCAOB rules.

This event provides the participant with an overview of the PCAOB audit standards and regulatory actions related to accounting and auditing for Broker-Dealers. Specifically, the event covers the regulatory activities of the PCAOB including:

. Auditing standards,

. Ethics,

. Independence standards,

. Quality control standards,

. Attestation standards.

Continued Professional Education, or CPE, has changed over the past several years and now focuses on a more dedicated learning and development process for firms and their employees. It is essential that firms respect the PCAOB guidelines, adhere to these standards and adopt a method and training program for the audit staff as a result.

This timely, two day CPE training seminar is designed for the CPA firm staff members who will be working on PCAOB regulated audits. The attendees will learn how to create effective audit workpapers that will stand up well under a PCAOB inspection.

Seminar Highlights

. What are the PCAOB Audit Standards?

. What are the typical inspection report issues?

. What are the key audit planning issues?

. How does the COSO Framework fit together?

. What is contained in an "ICFR" assessment program?

. How should the "client" be documenting "ICFR" assessments?

. How does this testing work?

Learning Objectives

- Attendees will understand the PCAOB's key audit standards.

- Attendees will understand risk assessment from the external audit viewpoint.

- Attendees will have examples of client documentation.

- Attendees will know how the components and principles are integrated within COSO framework.

- Attendees will have an approach to issues concerning PCAOB compliance.

Key Issues on the Agenda

Day One

Introductions and Background

. Introductions

. History of Auditing

. Sarbanes-Oxley Act of 2002 - Section 404

. Concepts Behind Internal Controls over Financial Reporting (ICFR)

. COSO 2013 Definition of Internal Control

. Concepts Behind Financial Audits

Section 1 - Sarbanes-Oxley and the PCAOB

. What is "SOX" for the CPA Firm?

. What is the "PCAOB"?

. What is the PCAOB's viewpoint of the CPA Firm based on the last inspection?

. Typical PCAOB Inspection Report Issues

Section 2 - Current PCAOB Auditing Standards

. General Auditing Standards

. PCAOB Standard 1000 - General Principles and Responsibilities

. PCAOB Standard 1100 - General Concepts

. PCAOB Standard 1200 - General Activities

. PCAOB Standard 1300 - Auditor Communications

. Audit Procedures

. PCAOB Standard 2100 - Audit Planning and Risk Assessment

. PCAOB Standard 2200 - Auditing Internal Control Over Financial Reporting

. PCAOB Standard 2300 - Audit Procedures in Response to Risks - Nature, Timing, and Extent

. PCAOB Standard 2400 - Audit Procedures for Specific Aspects of the Audit

. PCAOB Standard 2500 - Audit Procedures for Certain Accounts or Disclosures

. PCAOB Standard 2600 - Special Topics

. PCAOB Standard 2700 - Auditor's Responsibilities Regarding Supplemental and Other Information

. PCAOB Standard 2800 - Concluding Audit Procedures

. PCAOB Standard 2900 - Post-Audit Matters

. Audit Reporting

. PCAOB Standard 3100 - Reporting on Audits of Financial Statements

. PCAOB Standard 3300 - Other Reporting Topics

Section 3 - Audit Planning and Risk Management

. Core Audit Planning Elements

. Four Stages of Competence

. The Big Three - Objective to Risk to Key Control Relationships

. High Level Audit Client Risk Factors

. Proactive Client Risk Management Process

. Pareto's Principle - The 80 - 20 Rule

. Pareto's Principle and the SEC Standards for Internal Control Weaknesses

. Examples of SEC SOX Material Weaknesses

. Audit Risk Management Basics

. Financial Statement Risk Assessment

. Financial Statement Elements

. Financial Statement Account and Disclosure Risk Ranking Criteria

. Financial Statement Materiality Defined

. Financial Statement Complexity Defined

. Financial Statement History Defined

. Financial Statement Propensity Defined

. PCAOB View of Assertions

. Three Other Viewpoints on Assertions

. Inherent Risk to Residual Risk

. Risk Summaries within the Audit Planning

Section 4 - COSO Framework: Control Environment Entity-Level Controls

. Internal Controls over Financial Reporting (ICFR)

. COSO 2013 Pyramid from the External Auditor's Viewpoint

. COSO Organizations

. COSO 2013: Auditor's Summary

. COSO 2013 Control Environment (CE) Component and Five Principles

. Examples of Entity Level Controls by Point of Focus in CE

. PCAOB Viewpoint on Entity Level Controls

. How the Control Environment Created?

. The Client's Definition of Internal Control

. COSO 2013 Internal Control Concepts

. COSO 2013: CE Key Controls

. Compliance Strategy vs. Integrity Strategy

. The Big Three Connection Concept

Section 5 - COSO Framework: Risk Assessment Entity-Level Controls

. COSO 2013 Risk Assessment (RA) Component and Four Principles

. Layers of a Client's Objectives for SOX

. Examples of Entity Level Controls by Point of Focus in RA

. R.A and C.E. Entity Level Controls Effects

. Internal Control Attributes

. Typical R.A and C.E. Entity Level Controls

. Mapping the Integration of Entity Level Controls

. Concepts Behind Control Design & Operating Effectiveness

Section 6 - COSO Framework: Supporting Components

. COSO 2013 Control Activities (CA) Component and Three Principles

. Examples of Entity Level Controls by Point of Focus in CA

. COSO 2013 Information & Communication (IC) Component and Three Principles

. Examples of Entity Level Controls by Point of Focus in IC

. COSO 2013 Monitoring Activities (MA) Component and Three Principles

. Examples of Entity Level Controls by Point of Focus in MA

Section 7 - PCAOB Auditing Standard 5

. 2007 PCAOB Auditing Standard #5

. External Auditor's Perspective on AS5

. External Auditor's Planning

. External Auditor's Risk Assessment Concerning Period End

. External Auditor's Assessment of IT Controls

Section 8 - PCAOB Audit Alert #11

. Risk Assessment and the Audit of Internal Control

. Selecting Controls to Test

. Testing Management Review Controls

. Information Technology Controls

. Roll-Forward of Controls Tested at Interim

. Using the Work of Others

. Evaluating Identified Control Deficiencies

Section 9 - The Client's Approach to SOX Documentation

. Client's Top Down Assessment Methodology

. All Risk Events - Negatives - Positives - Unintended Consequences

. Is the Client's SOX Compliance Working Effectively?

. COSO 2013: "Effectiveness of Internal Controls"

. Client Provided SOX Program Documentation

. Client Provided Risk Assessments

. Client Provided Mapping to COSO 2013

. COSO Component Evaluation

. COSO 2013 Toolkit: "Component Evaluation"

. COSO 2013 Toolkit: "Principle Evaluation"

. Client's Significant Business Processes

. Typical Business Cycles and Processes

. Client's Business Process Narratives

. Client's Segregation of Duties Matrix

. Client's Business Process Testing and Certification

. Management's "Continuous Monitoring"?

. "Three Lines of Defense" Against Risk

. Continuous Controls Auditing and Monitoring

. Management Review of Accounts and Controls

. Management Review of Accounts Balances

. Management Review of Financial Ratio Analysis

. Entity-Level Assessment Presentation Example

. "Overall Assessment of a System of Internal Control"

. COSO 2013 Toolkit: "Summary of Deficiencies"

. SEC Definitions for Internal Control Deficiencies

. Client's "Summary of Internal Control Deficiencies"

. Layers of "Cause"?

. Proactive Root Cause Analyst

. Root Cause Analysis (RCA)

. Client's Effectively Remediate and Re-Test

. COSO 2013 Four Different Client Produced Deliverables

Section 10 - Auditor's Approach to RA & CE Entity Level Controls

. Risk Review of the Client

. Client's Mission Statement - Explicate Values - Business Model

. Risk Factors Relating to the Business Model

. PCAOB & SEC View on Entity Level Controls Issues

. Risk Factors Relating to the Corporate Culture

. Financial Statement Risk Assessment

. Financial Statement Red Flags

. Auditor's Risk Assessment of the Closing Process

. Auditor's Assessment of IT Risk

. Information Technology General Controls

. Review IT Standards and Procedures

. Recommended Tests for ITGC Compliance

. Auditor's Assessment of Financially Significant Spreadsheets

. Auditor's Assessment of Fraud Risk

. Entity Level Control Questionnaire

Section 11 - Auditor's Approach to Process Controls

. Business Process Internal Controls

. Preventative and Detective Controls

. How are Internal Controls Labeled?

. Client Identified "Business Processes"

. Typical Business Cycles and Processes

. A "Walk Through"

. Auditor Goals in Conducting a "Walk Through"

. Conducting a "Walk Through"

. Four Stages of Competence

. Using "SPIN" in the Walk Through Interview

. Is the Interviewee Being Honest?

. Deception-Detection Methodology

. What Deception Sounds Like

. What Deception Looks Like

. Sort Through the "Walk Through" Interviews

. What are the "Three Sources" to establish a "Fact"?

. Business Process Documentation

. The Assertions and the Key Control

. COSO 2013: Methods Used for Control Testing

. "How Reliable is Our Audit Evidence?"

. Sample Size for Control Testing?

. Select the Samples to Test?

. Evaluate the COSO Stages of "Control Effectiveness"

. Evidence Sufficient to Support Our Conclusion?

Section 12 - Auditor Tradecraft Summary

. Opining to the SEC for the External Auditor

. Assessment of ICFR

. Client Defensive Strategies

. The Client with a "Culture of Compliance"

. Top COSO 2013 Key Control Programs

. "Overall Assessment of a System of Internal Control"

Corporate Compliance Seminars has been created by experts who enjoy providing CPE classroom training, workshops and consulting on internal controls, internal auditing, information technology and accounting related subjects. We have focused on SOX, COSO, PCAOB, COBIT, GRC, IFRS, AICPA, GAO and IIA Standards.

Our programs are CPE for professionals with CPA, CGA, CIA, CFE, CISA, CMA, PMP and CA designations.

Corporate Compliance Seminars presents CPE to auditors, compliance staff, engineers, and IT professionals, Boards of Directors and Audit Committees. We examine the details of risk management, Sarbanes-Oxley Act compliance, Model Audit Rule compliance, auditing, internal controls, IT security and compliance, project management, and fraud prevention and detection.

Corporate Compliance Seminars allows the attendee to earn Official NASBA CPE credit.

Our seminars focus on the details of the Institute of Internal Auditor's IPPF, Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Frameworks, ISACA's Control Objectives over Information Technology (COBIT), Information Technology Infrastructure Library (ITIL), Open Compliance & Ethics Group's (OCEG) Governance, Risk & Compliance (GRC) methodology, PCAOB's Auditing Standard 5 (AS5), AICPA auditing standards, Sarbanes-Oxley Act of 2002 (SOX), NAIC Model Acts, and the future conversion from GAAP to the International Financial Reporting Standards (IFRS).

Our seminars provide CPE for the CPA, CFE, CIA, CISA, auditors and others with effective and engaging training.

"Please contact the event manager Marilyn (marilyn.b.turner(at)nyeventslist.com ) below for:

- Multiple participant discounts

- Price quotations or visa invitation letters

- Payment by alternate channels (PayPal, check, Western Union, wire transfers etc)

- Event sponsorships

NO REFUNDS/TRANSFERS ALLOWED ON REGISTRATIONS

Prices may go up any time. Service fees included in pricing.

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Date and Time

Location

Regus Office Facility

Stadium Towers Plaza at 2400 E. Katella Avenue

Suite 800

Anaheim, CA 92806

View Map

Refund Policy

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