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Auditing Developments - v11 (Course Id 1820)

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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 1820

Description :

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. 

Usage Rank : 0
Release : 2021
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 : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 03-Apr-2021
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 - 1820

Keywords : Auditing, Auditing, Developments, v11, cpe, cpa, online course
Learning Objectives :

Section 1
Auditing Developments - Part 1 to Part 9

After reading the Section 1 course material, you will be able to:
  • Identify an example of a concentration which might require disclosure
  • Recall the definition of near term
  • Identify the net operation loss rules under the CARES Act
  • Recognize a key characteristic of a multi-employer pension plan
  • Identify the most obvious approach to account for a PPP loan under GAAP
  • Recall how an entity should account for PPP loan forgiveness
  • Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory
  • Recognize an advantage of remote auditing
  • Recognize a behavioral trait of most occupational fraudsters
  • Recognize the difference between fraud and an error
  • Recall the three conditions of the fraud triangle
  • Identify common types of financial statement fraud noted by the FBI
  • Recognize an example of a misappropriation of assets
  • Identify an additional procedure required to deal with the risk of management override of internal controls
  • Recognize a factor to consider in evaluating going concern of an entity
  • Recall how an investment in equity security should be accounted for under GAAP
  • Recognize the new sales tax rules in the wake of the Wayfair decision
  • Recognize an example of a coverage ratio
  • Recall the timeframe within which most lawsuits against auditors occur
  • Identify a recommendation to tighten up auditor workpapers

Section 2
Auditing Developments - Part 10 to Part 17

After reading the Section 2 course material, you will be able to:
  • Identify a suggestion for an auditor that reduces time and increases audit efficiency
  • Recognize when negative accounts receivable confirmations should not be used
  • Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender
  • Recall the rule for an auditor presenting his or her city and state on the audit report
  • Identify the rules for an auditor communicating deficiencies found in an audit
  • Recognize an example of a result that can occur if there is a problem with a DOL employee benefit plan audit
  • Identify a type of fraudster
  • Recall the location of certain sections in the auditors report
  • Recognize the categorization of an adverse opinion
  • Identify a change that SAS No. 136 makes to the limited-scope ERISA audit
  • Recognize one of the changes made by AU-C 703 to ERISA audits
  • Recall the reporting requirement when an auditor obtains other information in an audit
  • Identify a reference that is made in the new definition of materiality
  • Recognize the definition of certain types of paragraphs made by SAS No. 139
  • Recognize an example of an attribute of information obtained as audit evidence per SAS No. 142
  • Identify an attribute of audit evidence referenced in SAS No. 142
  • Identify how inherent and control risk should be assessed under the SAS No. 143 requirements
  • Recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143
  • Identify a change made by SSAE No. 19
  • Recognize one of the four types of engagements within SSAE No. 21s new definition of attestation engagement
  • Identify an example of subject matter that is within the scope of SSAE No. 22s review
Course Contents :

Section 1 - Auditing Developments - Part 1 to Part 9

I.       Introduction

II.     Implications of the Current Economic Environment for Auditors

A. General

B. Status of the U.S. Economy in 2021- Impact of COVID-19 on Auditors

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

A. General

B. COVID-19 Accounting and Disclosure Issues for Auditors to Consider

Review Questions

IV.    Auditing Engagement Issues- COVID- 19

A. Remote Auditing

B. Accounts Receivable Confirmations

C. Physical Inventory Observations

D. Emphasis-of-Matter Paragraph- COVID-19

E. Future of Remote Auditing

F. Fraud and Internal Control- COVID-19

V.     Going Concern and COVID-19

A. GAAP Requirements- Going Concern

B. GAAP Requirements- Going Concern

C. Auditing Engagement Requirements- Going Concern

D. One-Year Going-Concern Window and COVID-19

E. Going-Concern Mitigating Factors During to COVID-19 Economic Climate

F. Using a Financial Support Letter to Mitigate Substantial Doubt of Going Concern

Review Questions

VI.    Client and Employee Fraud

A. General

B. 2020 Report to the Nations on Occupational Fraud and Abuse

Review Questions

C. Types of Fraud

D. Small Business (Private Company) Fraud

E. Evaluating an Entitys Fraud Environment

Review Questions

F. Time Theft

G. Employee Background Checks and Credit Reports

H. The Auditor's Role in Dealing with Fraud

I.  Specific Fraud Issues

J. Fraud Through Money Laundering

K. Anti-Fraud Measures

L. Post Madoff and the Single Auditor Issue

Review Questions Review Questions

VII.   Specific Accounting Risks for Auditors to Consider in 2020-2021 Audits

A. Specific Accounting Risks

Review Questions

VIII.  Attempting to Limit Auditors Liability

A. Criticism of Auditors Who Do Not Detect Fraud

IX.    Impact of Going-Concern Report Modifications

A. General

B. Historical Impact of Going Concern Report Modifications

X.     Retaliation Against Auditors Who Issue Adverse Opinions

XI.    Restatements

Review Questions

XII.   Key Focus Areas for the Auditor in Volatile Times

A. General

Review Questions

XIII. Lessons from Litigation

A. Introduction

B. Common Pitfalls for Accountants

C. Top Ten Actions to Minimize the Risk of Being Sued

Review Questions

Section 2 - Auditing Developments - Part 10 to Part 17

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

A. Staffing Problems

B. Efficiency Auditing Takes the Pressure Off Staffing Issues

C. Implementing Efficiency Auditing

XV.  Practice Issues Relating to Auditing

A. Engagement Letter

B. Inventories

C. Confirmation Procedures

D. Auditing Cash

E. Auditing Cash-Basis Financial Statements

F. Legal Letters

G. Unusual Reporting Issues

H. Issuing Comfort Letters to Client Lenders

I.  Management Representations-Prior Periods Audited by Predecessor Auditor

J.  Signing and Dating Audit Reports- Naming the City and State of the Auditor

Review Questions

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

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

XVIII. Why Do Individuals Cheat and Commit Fraud?

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

XX. Auditing Standards Board (ASB) Agenda

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

Review Questions

XXII. Recent Auditing Standards

SAS No. 134: Auditor Reporting and Amendments

Review Questions

SAS No. 135: Omnibus Statement on Auditing Standards2019

SAS No. 136: Forming an Opinion -Employee Benefit Plans Subject to ERISA

SAS No. 137: The Auditors Responsibilities Relating to Other Information

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 -Changes from SAS No. 134

Review Questions

SAS No. 140:  Amendments to AU-C Sections 725, 730, 930, 935, and 940

SAS No. 141:  Amendment to the Effective Dates of SAS Nos. 134140

Review Questions

SAS No. 142: Audit Evidence

Review Questions

SAS No. 143: Auditing Accounting Estimates and Related Disclosures

XXIII. Recent Attestation Standards

SSAE  No. 19: Agreed-Upon Procedure Engagements

SSAE  No. 20: Amendments to the Description of the Concept of Materiality

SSAE  No. 21: Direct Examination Engagements

SSAE  No. 22: Review Engagements

Review Questions

Glossary

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