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In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Auditing for Fraud (2 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Auditing Internal Controls (3 Hrs)

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX. Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers. It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”. Dewey & LeBouef declared bankruptcy in 2012.

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue. It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC. ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Crossing the Line - Cases in Financial Statement Fraud and Auditor Deception (1 Hrs)

The auditor uses these four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Auditing – Creating a Plan for Success is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This risk assessment auditing CPE course will review the eight steps involved in creating the audit plan.

Auditing - Creating a Plan for Success (10 Hrs)
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Suggested Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Auditing for Fraud (2 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Auditing Internal Controls (3 Hrs)

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX. Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers. It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”. Dewey & LeBouef declared bankruptcy in 2012.

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue. It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC. ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Crossing the Line - Cases in Financial Statement Fraud and Auditor Deception (1 Hrs)

The auditor uses these four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Auditing – Creating a Plan for Success is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This risk assessment auditing CPE course will review the eight steps involved in creating the audit plan.

Auditing - Creating a Plan for Success (10 Hrs)
Recent Searches
No recent searches found.
Similar Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Auditing for Fraud (2 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Auditing Internal Controls (3 Hrs)

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX. Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers. It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”. Dewey & LeBouef declared bankruptcy in 2012.

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue. It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC. ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Crossing the Line - Cases in Financial Statement Fraud and Auditor Deception (1 Hrs)

The auditor uses these four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Auditing – Creating a Plan for Success is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This risk assessment auditing CPE course will review the eight steps involved in creating the audit plan.

Auditing - Creating a Plan for Success (10 Hrs)
Suggested Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Auditing for Fraud (2 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Auditing Internal Controls (3 Hrs)

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX. Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers. It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”. Dewey & LeBouef declared bankruptcy in 2012.

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue. It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC. ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Crossing the Line - Cases in Financial Statement Fraud and Auditor Deception (1 Hrs)

The auditor uses these four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Auditing – Creating a Plan for Success is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This risk assessment auditing CPE course will review the eight steps involved in creating the audit plan.

Auditing - Creating a Plan for Success (10 Hrs)
Course Details

Auditing - Verifying Internal Controls (Course Id 2376)

New / QAS / Registry
  Add to Cart 
Author : Andrew Clark, EA
Course Length : Pages: 35 ||| Word Count: 19,023 ||| Review Questions: 9 ||| Final Exam Questions: 15
CPE Credits : 3.0
IRS Credits : 0
Price : $26.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 2376
Description :

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency and material weakness.
Usage Rank : 30000
Release : 2024
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Internal Audit
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 28-Sep-2024
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 - NASBA Registry - 2376
Keywords : Auditing, Verifying, Internal, Controls, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be able to:
  • Identify the purpose of internal controls.
  • Identify the purpose of an audit committee.
  • Recognize the goals for internal controls.
  • Recognize the internal control framework used by most companies based in the United States.
  • Identify the interrelated components for an effective internal control system.
  • Recognize the purpose of identifying audit risk.
  • Recognize the difference between control deficiency, significant deficiency and material weakness.

Course Contents :

Chapter 1 - Auditing - Verifying Internal Controls

Course Learning Objectives

Internal Controls

Effects of Internal Auditor on Controls

AU 322.9 Competence of the Internal Auditors

AU 322.10 Objectivity of the Internal Auditors

AU 322 .11

Audit Committee

Internal Controls Vary by Organization

Reliability of Financial Reporting

Efficiency of Operations

Compliance with Laws and Regulations

AU Section 110.03

Reasonable Assurance

AU Section 110.02

Auditing Standard No. 5

Inherent Limitations

Internal Control Design

Effectiveness of Internal Controls

Standards for Financial Audits

Reliability of Financial Reporting Controls

Classes of Transactions Controls

Auditor Responsibilities for Testing Internal Control

Internal Control Components

Control Environment

Organizational Ethical Values and Integrity

Commitment to Competence

Obtaining Written Representations

Management Operating Style and Practices

Organizational Structure

Human Resource Policies and Practices

Risk Assessment

Audit Risk

Control Activities

Segregation of duties

Separation of the Custody of Assets from Accounting

Separation of the Authorization of Transactions from the Custody of Related Assets

Separation of Operational Responsibility from Record-Keeping Responsibility

Separation of IT Duties from User Departments

Transaction Authorization

Adequate Documents and Records

Physical Control Over Assets and Records

Independent Checks on Performance

Information and Communication

Monitoring

Understanding and Evaluation of Internal Accounting Controls

Internal Control Questionnaires

Update and Evaluate Auditor's Previous Experience with the Entity

Make Inquiries of Client Staff

Examine Documents and Records

Observe Activities and Daily Operations

Narratives

Flowcharts

Walk-through

Assess Control Risk

Identify Audit Objectives

Identify Existing Controls

Communications to Those Charged With Governance

Management Letters

Test of Controls

Purpose of Tests of Controls

Make inquiries ofappropriate client personnel.

Examine documents, records, and reports.

Observe control-related activities.

Reperform client procedures.

Extent of Procedures

Tests of Controls and Procedures to Obtain and Understanding

Decide Planned Detection Risk and Design Substantive Tests

Reporting on Internal Controls

Opinion Based Upon an Audit of the Internal Control System

Section 404 Reporting Requirements

Audit Report on Internal Control Example

Evaluation of Internal Controls

Review Questions

Glossary
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