- Credits: 16
- Format: Self-Study eBook
- Field of Study: Auditing
- Author/Speaker: Steven C. Fustolo, CPA
|Course ID:||Advanced Preparation:||Experience Level:|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© April 2020||Basic Understanding of Auditing Standards||Self-Study eBook|
The objective of this course is to address the latest developments affecting 2020 and 2021 audit engagements, including the impact of COVID-19 on audit engagements.
Additionally, in this course, auditors will learn about the new auditor’s report, auditing estimates, and audit evidence guidance found in SAS Nos. 134-143, and the new attestation standards found in SSAE Nos. 19-22.
The course focuses on recalling, recognizing, and identifying rules related to auditing standards including new developments about those standards.
- Addressing the auditor’s consideration of the business and economic environment in which the client operates.
- Accounting and auditing engagement issues during COVID-19 including the impact of the pandemic on an entity’s ability to continue as a going concern.
- Client and employee fraud.
- Specific accounting risks for auditors to consider.
- Limiting auditor’s liability.
- Key audit focus areas during volatile times.
- Lessons from litigation.
- Efficiency engagements to reduce auditor time.
- Various practice issues related to audits.
- Dealing with DOL audits of employee benefit plans; and more!
After reading the Section 1 course material, you will be able to:
- Identify an example of a concentration that might require disclosure.
- Recall the definition of the near term.
- Identify the net operation loss rules under the CARES Act.
- Recognize a key characteristic of a multi-employer pension plan.
- Identify the most obvious approach to account for a PPP loan under GAAP.
- Recall how an entity should account for PPP loan forgiveness.
- Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory.
- Recognize an advantage of remote auditing.
- Recognize a behavioral trait of most occupational fraudsters.
- Recognize the difference between fraud and an error.
- Recall the three conditions of the fraud triangle.
- Identify common types of financial statement fraud noted by the FBI.
- Recognize an example of a misappropriation of assets.
- Identify an additional procedure required to deal with the risk of management override of internal controls.
- Recognize a factor to consider in evaluating the going concern of an entity.
- Recall how an investment in equity security should be accounted for under GAAP.
- Recognize the new sales tax rules in the wake of the Wayfair decision.
- Recognize an example of a coverage ratio.
- Recall the timeframe within which most lawsuits against auditors occur.
- Identify a recommendation to tighten up auditor work papers.
- Identify a suggestion for an auditor that reduces time and increases audit efficiency.
- Recognize when negative accounts receivable confirmations should not be used.
- Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender
- Recall the rule for an auditor presenting his or her city and state on the audit report.
- Identify the rules for an auditor communicating deficiencies found in an audit.
- Recognize an example of a result that can occur if there is a problem with a DOL employee benefit plan audit
- Identify a type of fraudster.
- Recall the location of certain sections in the auditor’s report.
- Recognize the categorization of an adverse opinion.
- Identify a change that SAS No. 136 makes to the limited-scope ERISA audit.
- Recognize one of the changes made by AU-C 703 to ERISA audits.
- Recall the reporting requirement when an auditor obtains other information in an audit.
- Identify a reference that is made in the new definition of materiality.
- Recognize the definition of certain types of paragraphs made by SAS No. 139.
- Recognize an example of an attribute of information obtained as audit evidence per SAS No. 142.
- Identify an attribute of audit evidence referenced in SAS No. 142.
- Identify how inherent and control risk should be assessed under the SAS No. 143 requirements.
- Recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143.
- Identify a change made by SSAE No. 19.
- Recognize one of the four types of engagements within SSAE No. 21’s new definition of attestation engagement.
- Identify an example of subject matter that is within the scope of SSAE No. 22’s review.
After reading the Section 2 course material, you will be able to:
Who Should Attend:
- All Certified Public Accountants (CPAs)