Auditing: Latest Updates
 |
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.
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.
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 pertaining to those standards.
|
Course Info:
- Course #: 1095B
- Delivery: Self-Study
- CPE Hours: 16
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Auditing
- Total Pages: 446
- Questions: 80
|
|
Course Objectives
- To identify an example of a concentration which might require disclosure
- To recall the definition of near term
- To identify the net operation loss rules under the CARES Act
- To recognize a key characteristic of a multi-employer pension plan
- To identify the most obvious approach to account for a PPP loan under GAAP
- To recall how an entity should account for PPP loan forgiveness
- To identify a scenario in which it would be impracticable for an auditor to attend a physical inventory
- To recognize an advantage of remote auditing
- To recognize a factor to consider in evaluating going concern of an entity
- To recall how an investment in equity security should be accounted for under GAAP
- To recognize the new sales tax rules in the wake of the Wayfair decision
- To recognize an example of a coverage ratio
- To recall the timeframe within which most lawsuits against auditors occur
- To identify a recommendation to tighten up auditor work papers
- To identify a suggestion for an auditor to reduce time and increase audit efficiency
- To recognize when negative accounts receivable confirmations should not be used
- To identify the form of a comfort letter that would be appropriate for an accountant to make to a lender
- To recall the rule for an auditor presenting his or her city and state on the audit report
- To identify the rules of an auditor communicating deficiencies found in an audit
- To recognize an example of a result that can occur if there is a problem with a DOL employee benefit plan audit
- To identify a type of fraudster
- To recall the location of certain sections in the auditor’s report
- To recognize the categorization of an adverse opinion
- To identify a change that SAS No. 136 makes to the limited-scope ERISA audit
- To recognize one of the changes made by AU-C 703 to ERISA audits
- To recall the reporting requirement when an auditor obtains other information in an audit
- To identify a reference that is made in the new definition of materiality
- To recognize the definition of certain types of paragraphs made by SAS No. 139
- To recognize an example of an attribute of information obtained as audit evidence per SAS No. 142
- To identify an attribute of audit evidence referenced in SAS No. 142
- To identify how inherent and control risk should be assessed under the SAS No. 143 requirements
- To recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143
- To identify a change made by SSAE No. 19
- To recognize one of the four types of engagements within SSAE No. 21’s new definition of attestation engagement
- To identify an example of subject matter that is within the scope of SSAE No. 22’s review
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.
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.
