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Auditing Developments - v10 (Course Id 1630)

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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 1630

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 new auditor’s report guidance found in SAS Nos. 134-139,  agreed-upon engagements in SSAE No. 19, and much more. The course also addresses auditing issues related to the coronavirus (COVID-19).

The course focuses recalling, recognizing and identifying rules related to auditing standards including new developments pertaining to those standards.  

Usage Rank : 0
Release : 2020
Version : 1.0
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 : 08-Apr-2020
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 - 1630

Keywords : Auditing, Auditing, Developments, v10, 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
  • Recall the definition of near term
  • Identify an advantage of remote auditing
  • 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 AICPAs 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 what can occur if a CPA firm has a problem with a DOL employee benefit plan 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:
  • Recognize the first section in the new auditors report
  • Define a key audit matter
  • Identify the change that AU-C 703 makes to limited-scope audits of ERISA plans
  • Recall an element of the new definition of materiality found in SAS No. 138
  • Recognize some of the changes to the auditors report on special purpose frameworks
  • 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 2020 and its impact on auditors- COVID-19

    2.     Specific accounting risks

    III.       Accounting and Auditing Issues Related to the Coronavirus (COVID-19)

    1.     General

    2.     Audit Issues to Consider with the Coronavirus

        Review Questions

    IV.       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 Entitys 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

    V.        Attempting to Limit Auditors Liability

    VI.       The Viability of the Big Four

    VII.      The Effect of Enron- 19 Years Later

    VIII.     Going-Concern Issues

        Review Questions

    IX.       Retaliation Against Auditors Who Issue Adverse Opinions

    X.        AICPA's Top Technology Initiatives

    XI.       Anti-Sarbanes-Oxley Continues After 18 Years

    XII.      The Impact of Dodd-Frank on Auditors into 2020

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

    XIV.    Auditor Rotation

        Review Questions

    XV.     Peer Review

        Review Questions

    Chapter 3 - Accounting and Auditing in Volatile Times

    XVI.    Key Focus Areas for the Auditor

        Review Questions

    XVII.   Lessons from Litigation

        Review Questions

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

    XIX.    Practice Issues Relating to Auditing

    XX.     Study on Public Perception of Accountants in Jury Trials

        Review Questions

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

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

    XXIII.  Why Do Individuals Cheat and Commit Fraud?

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

    XXV.   Client Deadline Concentration in Audit Offices and Audit Quality

    XXVI. Auditing Standards Board (ASB) Agenda

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

    XXVIII. Auditor-Provided Tax Services

    XXIX. ASBs Six-Point Plan to Improve Audits

        Review Questions

    Chapter 4 - Recent Auditing and Attestation Standards

    XXX.  SAS Nos. 134-139 and SSAE No. 19

    SAS No. 134: Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements

    SAS No.  134s New AU-C 700A: Forming an Opinion and Reporting on Financial Statements

    SAS No.  134s New AU-C  701: Communicating Key Audit Matters in the Independent Auditors Report

    SAS No.  134s New AU-C 705A: Modifications to the Opinion in the Independent Auditors Report

    SAS No. 134s New AU-C 706A: Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditors Report

       Review Questions

    SAS No. 135: Omnibus Statement on Auditing Standards2019

    SAS No. 136: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

    SAS No. 137: The Auditors Responsibilities Relating to Other Information  Included in Annual an Reports

       Review Questions

    SAS No. 138: Amendments to the Description of the Concept of Materiality

    SAS No. 139: Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes from SAS No. 134

    XXX.   SSAE  No. 19: Agreed-Upon Procedure Engagements

       Review Questions


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