Auditing Developments - v07 (Course Id 1228)

Auditing - Auditing for Course Id 1228

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 in light of myriad 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. 128 to 131 and new SSAE No. 18, and much more. The course focuses recalling, recognizing and identifying rules related to auditing standards including new developments pertaining to those standards.

NASBA QAS - NASBA Registry - 1228

Course Learning Objective

Chapter 1
Auditing Developments - Part 1

• Identify certain factors that an auditor may or may not consider in assessing going concern
• Identify audit procedures that an auditor should perform on receivables and inventories
• Identify the categories of securities found in existing GAAP
• Identify examples of fraud involving fraudulent financial reporting and misappropriation of assets
• Identify some of the audit procedures required to deal with the risk of management override of internal controls
• Recognize an acceptable type of indemnification clause that an auditor can use

Chapter 2
Auditing Developments - Part 2

• Identify a fact related to the concentration of auditors in the larger public company market
• Recognize a recommendation made to address auditor liability
• Recall some of the AICPA’s top technology issues affecting auditors
• Identify some of the auditor requirements of Section 404 of Sarbanes-Oxley Act
• Identify some of the reasons why an entity may no longer wish to stay public
• Recall some of the whistleblower protections for employees of public companies including the incentives given to such whistleblowers to report to the SEC
• Identify some of the key deficiencies found in peer review

Chapter 3
Accounting and Auditing in Volatile Times

• Identify an example of a coverage ratio
• Recognize some of the common pitfalls that continue to expose accountants to loss in litigation
• Identify some of the top ten actions to minimize the risk of being sued
• Identify actions that can reduce time and increase audit efficiency in an audit engagement
• Recognize an appropriate response to a comfort letter request
• Identify an action an accountant should take if he or she identifies a deficiency in internal control
• Recall when an employee benefit plan must have an audit
• Recognize actions to reduce cheating in a company

Chapter 4
Recent Auditing and Attestation Standards

V. The Viability of the Big Four

VI. The Effect of Enron- 15 Years Later

VII. Going Concern Issues

Review Questions

VIII. Retaliation Against Auditors Who Issue Adverse Opinions

IX. AICPA's Top  Technology Initiatives

X. Anti Sarbanes-Oxley Continues After 15 Years

XI. The Impact of Dodd-Frank on Auditors into 2017

XII. Whistleblowing- The New Profession Acts Like the Oldest Profession

XIII. Auditor Rotation

Review Questions

XIV. Peer Review

Review Questions

Chapter 3 - Accounting and Auditing in Volatile Times

XV. Key Focus Areas for the Auditor

Review Questions

XVI. Lessons From Litigation

Review Questions

XVII. Efficient Engagements- Reduce Time, Make More Money Without Increasing Risk

XVIII. Practice Issues Relating to Auditing

XIX. Study on Public Perception of Accountants in Jury Trials

Review Questions

XX. Communicating Internal Control Related Matters Identified in an Audit AU-C 265

XXI. Watch Out for the DOL and Audits of Employee Benefit Plans

XXII. Why Do Individuals Cheat and Commit Fraud?

XXIII. Signing at the Beginning of a Document- Decreasing Dishonest Self Reports

XXIV. Auditing Standards Board (ASB) Agenda

XXV. PCAOB and SEC Approve Naming Engagement Partners in Audit Engagements

XXVI. Auditor-Provided Tax Services

XXVII. ASB�s Six-Point Plan to Improve Audits

Review Questions

Chapter 4 - Recent Auditing and Attestation Standards

XXVIII. SAS Nos. 128- 131

XXIX. SSAE No. 18: Attestation Standards: Clarification and Recodification

Review Questions

Glossary