- Credits: 2
- 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 2021||General understanding of Accounting, Financial Reporting, Auditing, and Compilation and Review standards||Self-Study eBook|
The objective of this course is to address the new auditing standards issued by the Auditing Standards Board as SAS No. 142-143.
The first segment of the course addresses SAS No. 142’s expanded guidance on what comprises audit evidence in a financial statement audit. Topics include evaluating audit evidence, testing audit evidence; relevance and reliability of audit evidence, including its source; susceptibility to management bias; corroborative or contradictory information; evaluating whether the information is sufficiently precise and details for the auditor’s purposes; and use of automated tools and techniques.
The second segment is a review of SAS No. 143’s guidance on accounting estimates including the degree of estimation uncertainty; risk assessment procedures related to accounting estimates; identifying and assessing the risks of material misstatement including responses to the assessment; indicators of possible management bias, and more. This course uses materials entitled New Auditing Standards- SAS Nos. 142-143, authored by Steven C. Fustolo, CPA.
After reading the course material, you will be able to:
- Identify an example of an attribute of information obtained as audit evidence.
- Recognize actions an auditor should perform in evaluating information used as audit evidence.
- Recognize attributes of information to be used as audit evidence.
- Identify an attribute that affects the reliability of information used as audit evidence.
- Recall functions on which an auditor can use automated tools and techniques.
- Identify an example of an accounting estimate related to classes of transactions, account balances, and disclosures identified in SAS No. 143.
- Recognize how inherent and control risk should be assessed in accordance with SAS No. 143.
- Recognize an example of an inherent risk factor.
- Identify examples of the approaches that can be performed in assessing the risks of material misstatement from accounting estimates
Who Should Attend:
- All Certified Public Accountants (CPAs)