Auditing: Latest Updates

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 considering the myriad of 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 guidance found in SAS Nos. 131 to 133 and SSAE No. 18, and much more.

Course Info:

Course #: 1095A
Delivery: Self-Study
CPE Hours: 16
Course Level: Basic
Prerequisites: None
Advanced Preparation: None
NASBA Area of Study: Auditing
Total Pages: 412
Questions: 80

Course Objectives

To identify certain factors that an auditor may or may not consider in assessing going concern
To identify audit procedures that an auditor should perform on receivables and inventories
To recall how equity securities should be accounted for under the new ASU 2016-01 rules
To identify examples of fraud involving fraudulent financial reporting and misappropriation of assets
To recognize the three conditions of the fraud triangle
To recall additional procedures required by an auditor to deal with the risk of management override of internal controls
To identify some of the steps required to recognize revenue under the new revenue standard
To recognize an acceptable type of indemnification clause that an auditor can use
To identify a fact related to the concentration of auditors in the larger public company market
To recognize a recommendation made to address auditor liability
To recall some of the AICPA’s top technology issues affecting auditors
To identify some of the auditor requirements of Section 404 of the Sarbanes-Oxley Act
To identify some of the reasons why an entity may no longer wish to stay public
To recall some of the whistleblower protections for employees of public companies, including the incentives given to such whistleblowers to report to the SEC
To identify some of the key deficiencies found in peer review
To identify an example of a coverage ratio
To recognize some of the common pitfalls that continue to expose accountants to loss in litigation
To identify some of the top ten actions to minimize the risk of being sued
To recognize a symptom of an undesirable client
To identify actions that can reduce time and increase audit efficiency in an audit engagement
To recognize an appropriate response to a comfort letter request
To identify an action an accountant should take if he or she identifies a deficiency in internal control
To recall when an employee benefit plan must have an audit
To recognize actions to reduce cheating in a company
To identify when the liquidation basis of accounting is required
To recognize the definition of a reasonable period of time as used in SAS No. 132
To identify how an auditor should report when there is substantial doubt of an entity’s ability to continue as a going concern
To recall an example of a type of exempt offering covered by SAS No. 133
To recall which types of engagements should follow SSAE No. 18 attestation standards

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