Preparing for the Audit in 2012
Recent Public Company Accounting Oversight Board (PCAOB) guidance may affect how to conduct audits in 2012. Expected changes in auditing standards, auditing process may necessitate a new look at how to manage compliance. Auditors and public companies must be aware of these changes to remain in compliance and avoid restatements.The Knowledge Group has assembled a panel of key thought leaders and experts to help you make more thoroughly understand the substantive topics that may affect auditing standards this 2012.They will address the following key issues:
- Proposed Auditing Standard on Communications with Audit Committees and Related Amendments to PCAOB Standards
- Implementation of clarified SAS for year-end 2012 audits
- What to anticipate for the Internal Audit by 2012
- Up to the minute regulatory updates.
- The group will present their findings in a 2 hour LIVE webcast scheduled for: Friday, September 14, 2012
Jessica Watts, Associate Chief Auditor,
Public Company Accounting Oversight Board
- History of the proposal
- New requirements
- Enhancements to the current requirements
- Planned effective date
Richard H. Gesseck, CPA, Partner,
J.H. COHN LLP
- What’s wrong with auditing?
- Preliminary analytics: There’s more than one right way.
- Risk assessment: Using risk assessment as an audit tool.
- Documentation: There must be a better way.
- Testing: Controls, Account Details, and Dual Purpose
Fred J. Peterson, Partner,
Moss Adams LLP
- Update on Auditing Standards Board Clarity Project
- Proposed Changes in the Reporting Framework
- Discussion of AICPA Exposure Drafts and Changes in Auditing Standards
Anthony J. Costantini, Partner, Head, Professional Liability Practice,
Duane Morris LLP
- Standard mainly focuses on the relationship between an audit committee and the entity’s auditors, but if the communication is important enough, other Board members should be made aware.
- Essence of any important communication should be in writing so there is no doubt as to the substance of the communication.
- Timeliness is important. If some observed deficiency should be addressed, communicate immediately.
- Meetings are appropriate, but make record of meeting.
- While the main goal is to improve management responsiveness, an important second goal is to improve an auditor’s defensive posture if a communication proves unsuccessful.
- In preparing for the audit, establish what concerns the Audit Committee might have and address those concerns in the audit plan. Make sure audit committee understands the limitations of any audit.
Who Should Attend:
- CFOs & Finance Teams
- Independent Auditors
- Internal Auditors
- Managers in nonpublic companies, non-profits and government agencies
- Others involved in Internal Control
- Plan Sponsors
As Associate Chief Auditor, Jessica Watts provides technical direction for the development of PCAOB standards and ensures that these standards are appropriately communicated to auditors and other interested parties. Currently, Ms. Watts is the team leader of the Board’s standard-setting projects on auditor communications with audit committees, and possible changes to the auditor’s reporting model. She also manages the Board’s Standing Advisory Group meetings. Previously, Ms. Watts served on the project team that developed the auditing standards on assessment of and response to risk in an audit.Before joining the PCAOB, Ms. Watts was a Senior Manager at Ernst & Young. She worked in E&Y’s McLean, Philadelphia, Hong Kong and Dallas offices.Ms. Watts earned a BBA in accounting from Abilene Christian University. She is a certified public accountant in Texas
As Associate Chief Auditor, Jessica Watts provides technical direction for the development of PCAOB standards and ensures that these standards …
Dick has over 40 years of public accounting experience, including 20 years as a partner with Ernst & Young and ten years as a partner with regional firms. He has served middle-market, publicly and privately- held manufacturing, distribution, and hi-tech entities, including those in the development stages and alternative energy (wind and solar).Dick is a member of the Financial Accounting Standards Board Small Business Advisory Committee. He is also a member of the Connecticut State Board of Accountancy and a past president of the Connecticut Society of CPAs. Dick has lead hundreds of accounting and auditing seminars and conferences and served for many years as an adjunct professor at Connecticut universities. Dick has authored several audit courses for the AICPA including “Applying Risk Assessment Standards to Smaller Business Audits” and “Applying the PCAOB’s Risk Assessment Standards to Smaller Public Entities.” Recently he updated the AICPA’s Audit Guide “Assessing and Responding to Audit Risk in a Financial Statement Audit” as of March 1, 2012 for the ASB’s “clarity standards.” Dick has served on several boards and chaired audit committees of both publicly and privately-held entities.
Dick has over 40 years of public accounting experience, including 20 years as a partner with Ernst & Young and …
Fred Peterson has over 13 years of experience in public accounting and is a business assurance partner specializing in audits and reviews of both privately held and publicly registered institutions, including being involved with one of the firm’s largest public companies. Fred also performs effectiveness reviews of governance committees, performs FDICIA attestations and consulting engagements, and prepares peer analysis reports for his clients in industries where available benchmarking data exists. Fred also has significant experience incorporating data analysis software procedures into his audits and consulting engagements and identification of additional value-added services, including recommendations for enhancing internal controls and improving efficiencies that provide realizable benefits to his clients
Fred Peterson has over 13 years of experience in public accounting and is a business assurance partner specializing in audits …
Anthony J. (“Tony”) Costantini concentrates his practice in the areas of professional liability, securities and commercial litigation, and he is the head of the Firm’s Professional Liability practice. In addition, he represents clients in alternative dispute resolution, administrative hearings and governmental and professional association investigations. He also has considerable appellate experience, being admitted by eight of the federal appellate circuits.Mr. Costantini formerly served as Associate General Counsel to KPMG Peat Marwick and as Regional Counsel to the United States Commodity Futures Trading Commission.He has been a member of several committees of various bar associations. He is also a court-trained mediator for the U.S. District Court for the Southern District of New York, and has mediated a number of cases. Recently, he served as a public member of the Auditing Standards Board, which sets U.S. auditing standards for the accounting profession.Mr. Costantini is a graduate of Columbia University School of Law, where he was a member of the Law Review, and a graduate of the University of Detroit, with an engineering degree.
Anthony J. (“Tony”) Costantini concentrates his practice in the areas of professional liability, securities and commercial litigation, and he is …
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Public Company Accounting Oversight Board
About Public Company Accounting Oversight Board
About J.H. COHN LLP
One of the leading accounting and consulting firms in the United States, J.H. Cohn LLP specializes in audit, accounting, tax, and business consulting services for public and private companies and not-for-profit organizations. Since 1919, the Firm’s philosophy has remained constant: to provide a highly personalized approach to each client, with intelligent guidance and solutions driven by technical and industry expertise that positively affect client profitability and growth. J.H. Cohn has cultivated a reputation for strategic insight, proactive leadership, unwavering integrity, and a genuine concern for clients and their businesses.To help clients think and act across national boundaries, J.H. Cohn is an independent member of Nexia International, a global network of independent accountancy, tax, and business advisors and the tenth largest provider of audit and advisory services worldwide. The Firm has offices in New York, New Jersey, Connecticut, Massachusetts, and California.
About Moss Adams LLP
Moss Adams LLP is the 15th largest accounting and consulting firm in the United States. Founded in 1913 and headquartered in Seattle, Moss Adams has 21 locations in Washington, Oregon, California, Arizona, New Mexico and Kansas. Our staff of over 1,800 includes approximately 230 partners. We’re also a founding member of Praxity, AISBL, a global alliance of independent accounting firms in the major markets of North America, South America, Europe, and Asia. Nationwide, Moss Adams provides accounting, tax, and consulting services to public and private middle-market enterprises in many different industries.
About Duane Morris LLP
Duane Morris LLP, a global law firm with more than 700 attorneys in offices across the United States and around the world, offers innovative solutions to the legal and business challenges presented by today’s evolving international markets. Throughout its more than 100-year history, Duane Morris has fostered a collegial culture, where lawyers collaborate to leverage our collective knowledge and experience. Our lawyers are leaders in a wide range of legal disciplines and are as diverse as the clients they serve.