Auditing Developments - v07 (Course Id 1228)

New / QAS / Registry

Author :	Steven C Fustolo, CPA, MBA
Status :	Production
CPE Credits :	16.0
IRS Credits :	0
Price :	$125.95
Passing Score :	70%
NASBA Technical:	Yes
Primary Subject-Field Of Study:	Auditing - Auditing for Course Id 1228
Description :	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.
Usage Rank :	0
Release :	2017
Version :	999
Prerequisites :	General understanding of auditing standards.
Experience Level :	Overview
Additional Contents :	Complete, no additional material needed.
Additional Links :	Leadership. Innovation. Value. Effectiveness.
Advance Preparation :	None.
Delivery Method :	Self-Study
Intended Participants :	Anyone needing Continuing Professional Education (CPE).
Revision Date :	01-Jun-2017
NASBA Course Declaration :	Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :	NASBA QAS - NASBA Registry - 1228
Keywords :	Auditing, Auditing, Developments, v07, cpe, cpa, online course
Learning Objectives :	Course Learning Objective The objective of this course is to review the latest developments affecting audit engagements. Chapter 1 Auditing Developments - Part 1 After reading the Chapter 1 course material, you will be able to: 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 After reading the Chapter 2 course material, you will be able to: 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 AICPAâ€™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 After reading the Chapter 3 course material, you will be able to: 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 After reading the Chapter 4 course material, you will be able to: Identify at least one procedure an external auditor should perform with respect to internal auditors Recall which types of engagements should follow SSAE No. 18 attestation standards
Course Contents :	Chapter 1 - Auditing Developments – Part 1 General Developments I. Introduction II. Implications of the Current Economic Environment- Economic Issues Peculiar to Auditors 1. Status of the U.S. economy in 2017 and its impact on auditors: 2. Specific accounting risks Review Questions III. Client and Employee Fraud 1. General 2. 2016 Report to the Nations on Occupational Fraud and Abuse Review Questions 3. Types of Fraud 4. Small Business Fraud 5. Evaluating an Entity’s Fraud Environment Review Questions 6. Time Theft 7. Employee Background Checks and Credit Reports 8. The Auditor's Role in Dealing with Fraud 9. Specific Fraud Issues 10. Anti-Fraud Measures 11. Sentences for Fraudsters 12. A Fraud Scorecard 13. Computer Crime and Theft 14. Integrity Survey 15. Correlation Between Bankruptcy and Fraud 16. The CFO Perspective on their Outside Auditors and Fraud 17. Madoff and the Single Auditor Issue Review Questions Chapter 2 - Auditing Developments – Part 2 IV. Attempting to Limit Auditor’s Liability 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

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Auditing Developments - v07 (Course Id 1228)

Auditing - Auditing for Course Id 1228

NASBA QAS - NASBA Registry - 1228