Auditing Developments 2021

  • Credits: 16
  • Format: Self-Study eBook
  • Field of Study: Auditing
  • Author/Speaker: Steven C. Fustolo, CPA
Course ID: Advanced Preparation: Experience Level:
SF-207 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© April 2020 Basic Understanding of Auditing Standards Self-Study eBook
COURSE DESCRIPTION

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.

Topics include:
  • 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!

Learning Objectives:
Section 1:

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.
  • Section 2:

    After reading the Section 2 course material, you will be able to:

  • 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.

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA