|Author :||Leita Hart-Fanta, CPA|
|CPE Credits :||10.0|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Auditing - Auditing for Course Id 1113
Let Leita guide you through every step of conducting an audit including assessing risk, refining the audit objective, choosing methodologies, and documenting your work. The auditor's responsibilities for fraud, useful interviewing tips, and the elements of a finding are covered using case studies, frequent references to audit standards, and stories of audit failures and successes.
|Usage Rank :||0|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Additional Links :|
|Advance Preparation :||None.|
|Delivery Method :||Self-Study|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||21-Jul-2017|
|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 - NASBA Registry - 1113
|Keywords :||Auditing, Essential, Auditing, Skills, cpe, cpa, online course|
|Learning Objectives :||
Course Learning Objectives
|Course Contents :||
Chapter 1 What Is an Auditor?
Subject matter and criteria
What auditors deliver
Questions auditors answer
An enhancement to the definition of an auditor
Study Questions for Chapter 1
Chapter 2 Standard-Setting Bodies and Types of Audits
Borrow from whomever is in the lead
Investigations are different
Study Questions for Chapter 2
Chapter 3 The Steps in Conducting an Audit Traditional Approach
Here are the steps in conducting an audit:
1. Receive vague audit assignment
2. Gather information about the audit subject
3. Determine audit criteria
4. Perform a risk assessment
5. Refine the audit objective and sub-objective
6. Choose the methodologies
7. Budget each methodology
8. Formalize the audit plan
9. Formalize the audit program
10–11. Perform the audit methodologies and document results
12. Review working papers
13–16. Writing findings, concluding, conferring with the client, and finalizing the report
The three phases of auditing
Study Questions for Chapter 3
Chapter 4 How to Control an Audit
The worst audit ever!
A strong audit objective
Things you can do about other audit risks
But what you do not do is:
Require and review deliverables
No time limit
Study Questions for Chapter 4
Chapter 5 Gathering Information
AU-C 315: understand the entity and assess risk
Gain an understanding of five areas
The Yellow Book also has five areas
A mandatory group meeting
General requirements of the team meeting regarding risk
How do auditors use this information?
Study Questions for Chapter 5
Chapter 6 The Audit Criteria
The importance of clear and wise criteria
Three kinds of faulty criteria
The client may actually successfully fend off audit recommendations if you don’t have firm criteria
The standard-setting bodies are firm about criteria
Places to get criteria
Document the criteria and get the client to agree!
Examples of objectives and related criteria
“Good business practice” isn’t criteria
Study Questions for Chapter 6
Chapter 7 The Big Picture of Risk Assessment
Two main steps to doing a risk assessment
What happens if you don’t do a risk assessment?
How to create bite-sized chunks – the globe analogy
Hit the hot spots
Study Questions for Chapter 7
Chapter 8 Inherent Risk
Ray Charles and me
Audit risk and risks of material misstatement (RMM)
Defining inherent risk
Three facets of inherent risk
Forecasters of doom
Magnitude and likelihood
Study Questions for Chapter 8
Chapter 9 Control Risk
Where did the COSO model originate?
The simplest and shortest explanation of the COSO cube I can muster
COSO component #1: risk assessment
COSO component #2: control activities
COSO component #3: information and communications
COSO component #4: monitoring activities
COSO component #5: control environment
How do small organizations pull off all of this?
Distinguish between design and implementation of a control
Study Questions for Chapter 9
Chapter 10 All the Risks Together
Combining inherent risk and control risk
The auditor’s response – detection risk
Inherent risk and control risk effect on detection risk
The GAO’s take on risk assessment
Where does the IIA stand on risk assessment?
A summary of the theory, in simple English
Study Questions for Chapter 10
Chapter 11 Risk Assessment for a Financial Audit
The AICPA breaks down the audit universe into pieces for a financial audit
Relating our financial audit of World Charity Super Bingo to our globe analogy
Study Questions for Chapter 11
Chapter 12 Risk Assessment for a Performance Audit
The purchasing card risk assessment
What might the report look like?
Wow, that was a lot of work!
Study Questions for Chapter 12
Chapter 13 Risk Assessment for a Compliance Audit
A compliance audit: Trixie’s Daycare
Study Questions for Chapter 13
Chapter 14 Refining the Objectives
A definition of an audit objective
Revisiting the steps of an audit
Study Questions for Chapter 14
Chapter 15 Choosing and Budgeting Methodologies
What is a methodology? An audit procedure? An audit program?
Why create an audit program from scratch?
Disclosing your methodology
Study Questions for Chapter 15
Chapter 16 Judging Evidence and Preparing a Written Audit Plan
How to judge the quality of evidence?
Sufficient and appropriate
Do you have that warm fuzzy feeling overall?
Critical juncture: preparing a written audit plan
Study Questions for Chapter 16
Chapter 17 Interviewing Skills and Client Relations
11 competencies for interviewing
Steps of conducting an interview
Preliminary work of an interview
Corpus interviewa (the body of the interview)
Finishing the interview
Study Questions for Chapter 17
Chapter 18 Working Papers
The dreaded working papers!
What the standards require
Working paper etiquette
Rebel without a clue
Commonly used components of working papers
The reviewer’s friend, the summary memo
Reviewing working papers: keeping the big picture in mind
Study Questions for Chapter 18
Chapter 19 Writing a Finding
What are the elements of a finding?
Authority on “the elements of a finding”
What questions do the elements answer for the reader?
A few rules and tips for using the elements
Let’s look at a simple example
Finding the root cause
Just stick with the facts, ma’am!
Relax, you control freak, you! Edit with care!
Study Questions for Chapter 19
Chapter 20 Concluding the Audit
The warm, fuzzy feeling
It’s getting better all the time
Study Questions for Chapter 20