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Auditing Developments - v09 (Course Id 1498)

QAS / Registry
Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 16.0
IRS Credits : 0
Price : $125.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1498

Description :

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 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. 131 to 133 and 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 : 2019
Version : 999
Prerequisites : General understanding of auditing standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 13-Apr-2019
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 - Text - Technical - NASBA Registry - 1498

Keywords : Auditing, Auditing, Developments, v09, cpe, cpa, online course
Learning Objectives :

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
  • Recall how equity securities should be accounted for under the new ASU 2016-01 rules
  • Identify examples of fraud involving fraudulent financial reporting and misappropriation of assets
  • Recognize the three conditions of the fraud triangle
  • Recall additional procedures required by an auditor to deal with the risk of management override of internal controls
  • Identify some of the steps required to recognize revenue under the new revenue standard

Chapter 2
Auditing Developments - Part 2

After reading the Chapter 2 course material, you will be able to:
  • Recognize an acceptable type of indemnification clause that an auditor can use
  • 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

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
  • Recognize a symptom of an undesirable client
  • 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 when the liquidation basis of accounting is required
  • Recognize the definition of a reasonable period of time as used in SAS No. 132
  • Identify how an auditor should report when there is substantial doubt of an entity’s ability to continue as a going concern
  • Recall an example of a type of exempt offering covered by SAS No. 133
  • 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 2019 and its impact on auditors:

    2.    Specific accounting risks

        Review Questions

    III.       Client and Employee Fraud

    1.    General

    2.    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

    18.      Criticism of Auditors who do not Detect Fraud

        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- 18 Years Later

    VII.     Going-Concern Issues

    VIII.    Retaliation Against Auditors Who Issue Adverse Opinions

    IX.       AICPA's Top Technology Initiatives

    X.        Anti-Sarbanes-Oxley Continues After 17 Years

    XI.       The Impact of Dodd-Frank on Auditors into 2019

    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. Client Deadline Concentration in Audit Offices and Audit Quality

    XXV.  Auditing Standards Board (ASB) Agenda

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

    XXVII.  Auditor-Provided Tax Services

    XXVIII. ASB’s Six-Point Plan to Improve Audits

    XXIX. ASB Approves Changes to Audit Report of Employee Benefit Plans Subject to ERISA

        Review Questions

    Chapter 4 - Recent Auditing and Attestation Standards

    XXXI. SAS Nos. 131-133 and SSAE No. 18

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

        Review Questions


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