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Auditing Developments - v13 (Course Id 2157)

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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 254 ||| Word Count: 95,172 ||| Review Questions: 101 ||| 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 2157

Description :

The objective of this course is to address the latest developments affecting 2022 and 2023 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 post-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 auditing estimates, obtaining audit evidence,  changes made to the auditor’s understanding of the entity and its environment, risk assessment procedures, using the work of specialists as audit evidence, changes to compliance audits, and more. These changes are found in newly issued SAS Nos. 142-148.  The course also addresses new attestation standards found in SSAE Nos. 21-22.  

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

Usage Rank : 0
Release : 2023
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 : 13-May-2023
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 - 2157

Keywords : Auditing, Auditing, Developments, v13, 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 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 19

After reading the Section 2 course material, you will be able to:
  • Identify a suggestion for an auditor reducing time and increasing 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
  • Recognize an example of an attribute of information obtained as audit evidence per 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 some instances in which an auditor may conclude that a specialists work is not adequate
  • Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145
  • Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145
  • Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity
  • Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145
  • Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit, and
  • Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entitys controls
  • Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled
  • Identify certain requirements an engagement partner must satisfy in performing an audit engagement
  • Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement
  • Identify a type of unconscious bias defined in SAS No. 146
  • Recall a possible action that an engagement team may take to mitigate impediments to exercise professional skepticism
  • Identify when a successor auditor should request management to authorize a predecessor auditors response to the successor auditors inquiry
  • Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147
  • Recall the extent of a predecessor auditors response to a successor auditors inquiries when there are certain restrictions on the predecessor auditor
  • Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits
  • Recognize one of the five components of a system of internal control identified in SAS No. 145 and incorporated into Au-C 935 by SAS No. 148 amendments
  • Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit
  • 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. State of the U.S. Economy in 2023- Impact on Auditors

III. Accounting Issues Related to the Post-COVID-19 Economic Climate

A. General

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

Review Questions

IV. Auditing Engagement Issues- Post-COVID- 19

A. Remote Auditing

B. Accounts Receivable Confirmations

C. Physical Inventory Observations

D. The Future of Remote Auditing

E. Fraud and Internal Control in the Post- COVID-19 Environment

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 in the 2022 and 2023 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. 2022 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

M. FTX Fraud and Crypto Currencies in Audits

Review Questions

VII. Specific Accounting Risks for Auditors to Consider in 2022-2023 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 19

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

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. 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

SAS No. 146: Quality Management for an Engagement Conducted in Accordance With GAAS

Review Questions

SAS No. 147: Inquiries of the Predecessor Auditor: Fraud-Noncompliance With Laws and Regulations

Review Questions

SAS No. 148: Amendment to AU-C Section 935

Review Questions

XXIII. Recent Attestation Standards

SSAE  No. 21: Direct Examination Engagements

SSAE  No. 22: Review Engagements

Review Questions

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