Auditing - Performing Audit Engagements and Assurance Services - Yellow Book Series (Course Id 2374)

Auditing (Governmental) - Auditing (Governmental) for Course Id 2374

Auditing and assurance services are important services provided by CPAs. Auditing and Other Assurance Services is a course that will describe auditing and assurance services. This course will identify the different types of audits and the different types of assurance services. This course will define the importance of ethics in the CPA and auditing professions. This course will describe the different organizations that create and enforce ethical guidelines. Finally, this course will describe the importance of independence for auditors.

NASBA QAS - Text - NASBA Registry - 2374

Course Learning Objectives

• Identify the purpose of performing audit services.
• Identify the purpose of assurance services.
• Recognize the different types of assurance services.
• Recognize the different types of audits.
• Identify the organizations that provide ethical standards and guidelines.
• Recognize the different areas of the principles of professional conduct.

Chapter 1 - Auditing - Performing Audit Engagements and Assurance Services

Course Learning Objectives

Definition of Auditing

The Differences Between Auditing and Accounting

Auditing Services are Needed

What are Financial Restatements?

Additional Reasons to Conduct an Audit

Global Operations

Providers Have Biases and Motives

Growing Amounts of Information and Data

Exchange Transactions Have Become Complex

Financial Statements that are Audited

Definition of Assurance Services

Audit of Historical Financial Statements

Audit of Internal Control over Financial Reporting

Review of Historical Financial Statements

Attestation Services on Information Technology

Other Attestation Services

Non-assurance Services

Audit Types

Operation Audit

Compliance Audit

Financial Statement Audit

What is the Yellow Book?

When and Where to Apply Yellow Book

Auditor Types

IRS Agents

Internal Auditors

CPA

Review Questions Part 1

Ethical Behavior for CPAs and Auditors

American Institute of Certified Public Accountants (AICPA)

Securities and Exchange Commission (SEC)

Independence Standards Board

Public Company Accounting Oversight Board

Auditing Standards

U.S. Generally Accepted Auditing Standards

What are GAAS Standards?

General standards

Standards for field work

Reporting standards

SAS Standards

Ethics Defined

Ethical Principles

What Causes Unethical Behavior?

Differing Ethical Standards

Ethical Dilemmas

Help with Ethical Dilemmas

The consequentialist framework

The duty framework

The virtue framework

Professional Ethics

Government Accountability Office (GAO)

Purpose

When and Where to Apply Yellow Book

GAO Ethics, Independence, and Professional Judgment

Ethical Principles

The Public Interest

Integrity

Objectivity

Proper Use of Government Information, Resources, and Positions

Professional Behavior

Overview of Sarbanes Oxley Act

Auditor Restrictions:

Audit Committee:

Officers and Directors:

Disclosure Requirements:

Increased Criminal Penalties and Fines:

Principles of Professional Conduct

Independence

General Standards

Integrity and Objectivity

Confidential Client Information

Contingent Fees, Commissions, and Referral Fees

Section 102 - Integrity and Objectivity

Section 201 - General Standards

Interpretations under Rule 201 —General Standard.

Section 203 - Accounting Principles

Interpretations under Rule 203

203-1—Departures from established accounting principles.

203-2—Status of FASB, GASB and FASAB interpretations.

203-4—Responsibility of employees for the preparation of financial statements in conformity with GAAP.

Section 301 - Confidential Client Information

.01 Rule 301—Confidential client information.

Interpretations Under Rule 301

.04 301-3—Confidential information and the purchase, sale, or merger of a practice.

Section 302 - Contingent Fees

.01 Rule 302—Contingent fees.

Interpretation under Rule 302

.02 302-1—Contingent fees in tax matters.

Section 501 - Acts Discreditable

.01 Rule 501—Acts discreditable.

.02 501-1—Response to requests by clients and former clients for records.

.03 501-2—Discrimination and harassment in employment practices.

.04 501-3—Failure to follow standards and/or procedures or other requirements in governmental audits.

.05 501-4—Negligence in the preparation of financial statements or records.

.06 501-5—Failure to follow requirements of governmental bodies, commissions, or other regulatory agencies.

.07 501-6—Solicitation or disclosure of CPA examination questions and answers.

.08 501-7—Failure to file tax return or pay tax liability.

.09 501-8—Failure to Follow Requirements of Governmental Bodies, Commissions, or Other Regulatory Agencies on Indemnification and Limitation of Liability Provisions in Connection With Audit and Other Attest Services.

Section 100-1 Conceptual Framework for AICPA Independence Standards

Introduction

GAO Yellowbook Independence

Independence Changes

Independence Compared to the AICPA Code of Professional Conduct

Prohibited bookkeeping services

Independence Guidance for Government Audit Organizations

Review Questions Part 2

Glossary