EBP2040. How to Keep Control When there Are No Controls

Even the smallest entities have policies and procedures designed to prevent or detect and correct material misstatements. But sometimes it doesn’t feel that way at your small clients. This session will include a refresher on understanding GAAS in an environment when controls are not being relied upon for your audit. There will also be case study examples for a typical defined contribution plan when contemplating a no controls audit strategy.

Learning Objectives:

• Identify GAAS requirements for audits when no controls reliance is planned.
• Apply best practices to an audit when the audit strategy contemplates a testing approach with no controls reliance.
• Identify common pitfalls when executing a no controls reliance audit strategy