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
Table of Contents
|
Purchase Membership
Annual Membership: $149
Receive unlimited access to all courses offered by Sequoia CPE for 1 year (no ethics included).
Buy Now
100% Money Back Guarantee
If you are not satisfied with your purchase for any reason, you may receive a
full refund any time in the first 45 days of membership. Please call Customer Service
at 1-800-572-9675 with any concerns or to request a refund.
Customer Rating
This version has not received enough ratings yet.
Sequoia CPE 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 the final authority on
the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the
National Registry of CPE Sponsors through its website: www.learningmarket.org.
