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Auditing DevelopmentsCode: 21-AUD
Price: $109.00
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Course Details
405 pages
Content:
The objective of this course is to review the latest developments affecting audit engagements.
Part of planning an audit involves consideration of the business and economic environment in which the client operates. Thus, auditors need to be aware of the various types of fraud that clients and employees may be committing, especially in light of myriad lawsuits against auditors and accountants. In addition to applying techniques to limit their liability to their clients and third parties, auditors are confronting other major problems facing the accounting field, including compliance with the Sarbanes-Oxley Act. The peer review comments and new auditing statements provide further guidance on current issues. To deal with the volatility in the business climate, auditors should focus their efforts in key areas and should take lessons from litigation. Additionally, in this course, auditors will learn how to perform more efficient engagements, understand the new auditor’s report guidance found in SAS Nos. 134-139, agreed-upon engagements in SSAE No. 19, and much more. The course focuses on recalling, recognizing and identifying rules related to auditing standards including new developments pertaining to those standards. The course also addresses auditing issues related to the coronavirus (COVID-19).
Objectives:
To review a variety of auditing developments affecting the profession including audit risk alerts.
Section 1:
After reading the Section 1 course material, you will be able to:
Identify certain factors that an auditor may or may not consider in assessing going concern
Identify audit procedures that an auditor should perform on receivables and inventories
Recall how equity securities should be accounted for under the new ASU 2016-01 rules
Identify examples of fraud involving fraudulent financial reporting and misappropriation ofassets
Recall the definition of near term
Identify an advantage of remote auditing
Recognize the three conditions of the fraud triangle
Recall additional procedures required by an auditor to deal with the risk of management overrideof internal controls
Identify some of the steps required to recognize revenue under the new revenue standard
Section 2:
After reading the Section 2 course material, you will be able to:
Recognize an acceptable type of indemnification clause that an auditor can use
Identify a fact related to the concentration of auditors in the larger public company market
Recognize a recommendation made to address auditor liability
Recall some of the AICPA’s top technology issues affecting auditors
Identify some of the auditor requirements of Section 404 of Sarbanes-Oxley Act
Identify some of the reasons why an entity may no longer wish to stay public
Recall some of the whistleblower protections for employees of public companies including theincentives given to such whistleblowers to report to the SEC
Identify some of the key deficiencies found in peer review
Section 3:
After reading the Section 3 course material, you will be able to:
Identify an example of a coverage ratio
Recognize some of the common pitfalls that continue to expose accountants to loss in litigation
Identify some of the top ten actions to minimize the risk of being sued
Recognize a symptom of an undesirable client
Identify actions that can reduce time and increase audit efficiency in an audit engagement
Recognize an appropriate response to a comfort letter request
Identify an action an accountant should take if he or she identifies a deficiency in internal control
Recall when an employee benefit plan must have an audit
Recognize actions to reduce cheating in a company
Section 4:
After reading the Section 4 course material, you will be able to:
Recognize the first section in the new auditor’s report in SAS No. 134
Define a key audit matter
Identify the change that AU-C 703 makes to limited-scope audits of ERISA plans
Recall an element of the new definition of materiality found in SAS No. 138
Recognize some of the changes to the auditor’s report on special purpose frameworks
Delivery Method: Self-Study
Category: Auditing
CPE credit: 16 Hours
Program Level: Update
Prerequisites: None
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.
American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to: National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417. Web site: www.nasba.org
NASBA Sponsor number 108096

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Auditing Developments
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