ASPE Audit Advisor-ASPE Compliance Advisor

Example

Guiding the development of an audit plan tailored to the size and complexity of a private entity, including risk assessment procedures and identification of key audit matters.

Scenario

An auditor preparing the audit strategy for a small retail business would use ASPE Audit Advisor to identify potential risk areas such as revenue recognition and inventory valuation, and to plan the audit procedures accordingly.

Example

Assisting in evaluating the design and implementation of an entity's internal controls and testing their effectiveness.

Scenario

Evaluating the internal controls of a construction company's accounts payable process, ASPE Audit Advisor provides guidance on designing tests of controls to assess the risk of material misstatement due to fraud or error.

Example

Offering detailed methodologies for conducting substantive tests on significant account balances and transactions.

Scenario

In auditing a technology firm's research and development expenses, ASPE Audit Advisor suggests specific substantive procedures to verify that the expenses meet the criteria for capitalization under ASPE.

Example

Facilitating the creation of comprehensive and compliant working papers, ensuring proper documentation of the audit process.

Scenario

Guiding an auditor in documenting the testing of long-term debt agreements in a service company, including interest rate verification and covenant compliance.