Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 239 ||| Word Count: 94,817 ||| Review Questions: 104 ||| Final Exam Questions: 80 |
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 2001 |
Description : | The objective of this course is to address the latest developments affecting 2021 and 2022 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, and changes made to the auditor’s understanding of the entity, its environment, and risk assessment procedures, and the guidance on using the work of specialists as audit evidence. These changes are found in newly issued SAS Nos. 134-145, 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 : | 2022 |
Version : | 1.0 |
Prerequisites : | General understanding of auditing standards. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Audit
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 19-May-2022 |
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 - 2001 |
Keywords : | Auditing, Auditing, Developments, v12, cpe, cpa, online course |
Learning Objectives : |
Section 1
Section 2
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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 2022- Impact of COVID-19 on Auditors III. Accounting Issues Related to the Coronavirus (COVID-19) and the Economic Climate 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. Overview- 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 Entity’s 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 VII. Specific Accounting Risks for Auditors to Consider in 2021-2022 Audits A. Specific Accounting Risks Review Questions VIII. Attempting to Limit Auditor’s 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-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. Summary of Recent Auditing Standards SAS No. 134: Auditor Reporting and Amendments Review Questions SAS No. 135: Omnibus Statement on Auditing Standards—2019 SAS No. 136: Forming an Opinion -Employee Benefit Plans Subject to ERISA SAS No. 137: The Auditor’s 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. 134–140 Review Questions SAS No. 142: Audit Evidence Review Questions SAS No. 143: Auditing Accounting Estimates and Related Disclosures SAS No. 144: Amendments to AU-C 501, 540, and 620- Use of Specialists and Use of Pricing Information Obtained From External Information Sources Review Questions SAS No. 145: Understanding the Entity, Its Environment and Assessing Risks of Material Misstatement Review Questions 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 |