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In spring 2006, the Auditing Standards Board issued 8 new standards, collectively known as the risk assessment standards. These new standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify risks to the entity's business and the controls in place to mitigate them.
Because these standards address many issues at the core of auditing, they may significantly affect the formality of the risk assessment process and documentation of the assessment details. Auditors will maximize their effectiveness and efficiency if they carefully plan their responses to the new requirements. Attend this live webcast and get the latest information you need. This program will take a more advanced approach to discussing the implementation of the standards.
This presentation on CD-ROM also includes the PowerPoint slides to help sum up the discussion and drive home the important issues.
(CD-ROM of Webcast Originally Presented on December 5, 2006)
Field of Study: Auditing
Level: Intermediate
Moderator:
John Hudson, CPA
Speakers:
Lynford Graham CPA, Ph.D., CFE
Michael Ramos, CPA
Richard H. Gesseck, CPA
John F. Hudson, CPA is the President of Hudson Consulting Group, LLC. Prior to founding Hudson Consulting Group, LLC in 2002, John was one of the original founders of CPA2Biz, Inc., the exclusive marketing agent of the American Institute of CPAs. John has more than 25 years experience in the practice of public accounting, business strategy, product development and entrepreneurship.
Hudson Consulting Group, LLC, provides business & product strategy consulting services to CPA firms and organizations serving the CPA profession. Previously, John served in a number of senior capacities at CPA2Biz, Inc. including leading corporate strategy, managing a multi-million dollar business unit, and leading the organization's corporate marketing and communications efforts. Prior to CPA2Biz, John served as the Chief Knowledge Officer and in various senior business and technical roles at the AICPA. He also spent 15 years at KPMG, one of the nation's leading accounting and consulting firms.
An authority on the evolution of the accounting profession and the challenges faced by CPAs, John regularly speaks on issues of concern to CPAs. He has been quoted in leading business publications, including The Wall Street Journal, The Wall Street Journal - Europe Edition, The Cleveland Plain Dealer, Bloomberg Business News and virtually every trade publication addressing the CPA profession.
John is a member of the American Institute of CPAs and a former member of the U.S. delegation to the International Accounting Standards Board and the Journal of Accountancy Editorial Advisory Board. He is also a member of the Advisory Board of the Graduate School of Business at Florida State University
John is a Certified Public Accountant [CPA] and holds a Master of Business Administration [MBA] degree from Florida State University and a Bachelor of Arts degree from the University of West Florida.
Lynford Graham CPA, Ph.D., CFE
Lynford Graham is a Certified Public Accountant with more than 25 years of public accounting experience in the audit practice and in National policy development groups. He is a consultant on professional accounting and auditing matters. He presented at and participated in the May 2005 COSO Small Business Roundtable.
Dr. Graham is a member of the American Institute of Certified Public Accountants (AICPA), and a recent past member of the Auditing Standards Board. He currently chairs the AICPA's Audit Sampling Guide Task Force and the Risk Standards Audit Guide Task Force, and serves as a member of the IAASB Materiality Task Force.
He is a former Partner and National Director of Audit Policy for BDO Seidman, LLP, and was responsible for the development and implementation of audit policy, training and software. Dr. Graham was principally responsible for the Firm's implementation of audits of internal control under PCAOB AS 2, and participated with professional groups in developing industry-wide guidance on audits of internal control. Prior to joining BDO, Dr. Graham was an Associate Professor of Accounting and Information Systems at Rutgers University and a National Accounting and SEC Consulting Partner at Coopers & Lybrand.
A Certified Fraud Examiner and a member of the Association of Certified Fraud Examiners, his experience includes providing consulting guidance on matters of internal control and statistical and audit methods issues including inventory sampling problems, fraud investigations, and cost reimbursement studies. He has also worked with a variety of government agencies on the development and implementation of audit regulations.
Throughout his career he has maintained an active profile in the academic as well as the business community. A member of the American Accounting Association (AAA), in 2002 he received the Distinguished Service Award of the Auditing Section of the AAA. His numerous academic and business publications span a variety of topical areas including information systems, internal controls, expert systems, audit risk, audit planning, fraud, sampling, analytical procedures, audit judgment and international accounting and auditing. Dr. Graham holds an MBA in Industrial Management (Wharton School) and Ph.D. in Business and Applied Economics from the University of Pennsylvania, (Wharton School).
Michael Ramos is a Vice President at AuditWatch, Inc., a position he has held since 2005. He works on new product development and oversees the company's marketing and communications efforts. He also participates in the strategic decision making at the company.
Prior to joining AuditWatch, Mr. Ramos worked as a consultant and an author of audit training courses and publications. He is the author of nine books, including The Sarbanes-Oxley Section 404 Implementation Toolkit and How to Comply with Sarbanes-Oxley Section 404. He is a nationally recognized expert on internal control.
Mr. Ramos also has written a variety of authoritative and non-authoritative practice aids for the auditing standards division of the AICPA, including their implementation guide for SAS No. 99 relating to the auditor's consideration of fraud. Most recently, he was the primary author of the Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit, an authoritative interpretation of the risk assessment standards.
Mr. Ramos began his career in the Los Angeles office of KPMG. During his career there, he was selected for a two-year assignment in the firm's national offices. He left the firm in 1991 as an audit senior manager.
He holds a Bachelors degree in accounting from the University of Hawai'i and a Master of Fine Arts degree in creative writing from Vermont College. He has won several awards for his short fiction writing.
Dick Gesseck is a partner with UHY LLP and serves on several senior committees of that firm.He retired January 15, 2004 from the Hartford office of Ernst & Young LLP after 34 years of service, including over 20 years as an audit partner.
Throughout his career and continuing today, he serves primarily middle-market manufacturing, distribution, construction and high-tech companies both privately-owned and publicly traded.
Dick has led over 200 hundred technical accounting and auditing seminars for both the Connecticut Society of CPAs and the American Institute of CPAs. Over the past few years his teaching focus has been on the new audit risk assessment standards and SEC reporting(including Sarbanes-Oxley). In 2006 and 2005 he led AICPA courses on Audit Risk Assessment Procedures, SEC Reporting, Internal Control Documentation and Design, APB/FASB Review and Update, SEC/PCAOB Update, and the Annual Accounting and Auditing Workshop, among others. Both the CSCPA and AICPA have honored him with multiple outstanding discussion leader awards. He also developed a professional ethics review course for new CPAs in Connecticut. He frequently consults with practitioners in Connecticu on technical accounting and auditing matters. He also authored the AICPA course Auditor's Risk Assessment Process: Tackling the New Risk Assessment SASs.
He is a past president of the CSCPA and chaired and/or served on several committees for that organization, including Professional Ethics, Accounting and Auditing Standards, Relations with Colleges and Universities and Continuing Education.
For about 15 years he was an adjunct faculty member at three Connecticut universities.
Currently, Dick is a member of the Connecticut State Board of Accountancy and serves on the boards of a bank holding company, a college and a manufacturer. He is also the chairman of the audit committee for all three organizations. He is also a member of the Financial Accounting Standards Board Small Business Advisory Committee.
Dick is also a past president of New Haven Country Club. In addition he served with other organizations including the Greater New Haven YMCA, Ronald MacDonald House, APT Foundation, and Brass City Toastmasters.
Within the few years he has made several presentations regarding Sarbanes-Oxley legislation, ethics, independence, and the CPA profession to audiences of the CBIA and Connecticut Business Lawyers, to accounting students at the University of Connecticut and Quinnipiac University, and to members of the CSCPA.
He may be reached at 203-430-2205 (mobile) or 203-401-2108 (direct) or via e-mail at rgesseck@uhy-us.com.
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