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ARM’s Knowledge-Based Audits™ of Employee Benefit Plans
Accounting Research Manager’s Knowledge-Based Audit (KBA) methodology is designed to help the auditor efficiently and effectively perform financial statement audits of employee benefit plans in accordance with auditing standards generally accepted in the United States of America (GAAS).
This comprehensive, unique module includes numerous practice aids and an overview to help professionals comply with the risk assessment standards. This module is available as an add-on product to any of our main ARM products.
The more accurately an auditor assesses a contractor’s risks of material misstatement, the more assurance the auditor has that the procedures performed in response to the risk assessments will detect material misstatements. The primary drivers of the KBA approach are:
1. Obtaining an understanding of the contractor and its environment, including its internal control, sufficient to accurately assess the risks of material misstatement.
2. Designing and performing audit procedures that are responsive to the risks of material misstatement.
The KBA approach is designed to facilitate this flow of information. The forms, practice aids, and audit programs incorporated in this methodology should be customized to the specific circumstances of the contractor being audited or the specific nature of the engagement.
This methodology is presented as nine processes, as follows:
1. Pre-Engagement Procedures;
2. Risk Assessment Procedures: Obtaining an Understanding of the Entity and Its Environment;
3. Risk Assessment Procedures: Evaluating the Design of Internal Controls;
4. Assessing the Risks of Material Misstatement;
5. Performing Audit Procedures in Response to Assessed Risks;
6. Performing Audit Procedures: Tests of the Operating Effectiveness of Internal Controls;
7. Performing Audit Procedures: Substantive Tests;
8. Evaluating, Concluding, and Reporting Procedures; and
9. Audit Documentation Requirements.
The KBA of Employee Benefit Plans provides over 175 risk assessment forms and practice aids in the KBA methodology to help the auditor gain knowledge of the entity and guide you through an audit.
CCH KBA Available in Your Preferred Format
ProSystem fx® Engagement and KnowledgeTools
Experience complete interactivity with the KBA overview, tools and integration with the leading software solution. ProSystem fx® Engagement and KnowledgeTools provide you a complete and streamlined methodology, making it easier for you to comply to the risk assessment standards. Learn more about this unique offering.
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