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Essential Skills for the Government Auditor - v09 - Yellow Book Series (Course Id 1547)

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Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 9.0
IRS Credits : 0
Price : $120.00
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 1547

Description :

Government audits are unusually complex. Let Leita guide you through every step of conducting an audit including assessing risk, refining the audit objective, choosing methodologies, and documenting your work. Your 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.

This course covers three types of audits typical in the government environment: a financial audit, a performance audit, and a compliance audit.

Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : None.
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 : 19-Jul-2019
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 - 1547

Keywords : Auditing (Governmental), Essential, Skills, Government, Auditor, v09, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Identify and arrange the steps in conducting an audit
  • Detect common flaws in the conduct of an audit
  • Identify common deliverables on an audit
  • Assess the weakness in a given criteria
  • Distinguish between the types of inherent risk
  • Classify controls into the components of the COSO model of controls
  • Distinguish between a control’s design and its implementation
  • Distinguish among inherent risk, control risk, and detection risk
  • Distinguish between a workable objective and a vague objective
  • Detect weak and vague methodologies
  • Identify and order the steps of conducting an interview
  • Describe the standards for working paper documentation
  • Evaluate whether a finding follows the simple rules of logical organization of a finding

Chapter 1
What Is an Auditor?

  • Contrast the objective and scope
  • List the basic questions that auditors seek to answer

    Chapter 2
    Standard-Setting Bodies and Types of Audits

  • Differentiate between standard-setting bodies
  • Identify the different types of audits

    Chapter 3
    The Steps in Conducting an Audit Traditional Approach

  • Identify and arrange the steps in conducting an audit
  • Associate the steps of an audit with the phases of an audit

    Chapter 4
    How to Control an Audit

  • Detect common flaws in the conduct of an audit
  • Identify common deliverables on an audit

    Chapter 5
    Gathering Information

  • Describe the requirements for gaining an understanding of an audit subject

    Chapter 6
    The Audit Criteria

  • Assess the weakness in a given criteria

    Chapter 7
    The Big Picture of Risk Assessment

  • Distinguish between the two main steps of performing a risk assessment

    Chapter 8
    Inherent Risk

  • Distinguish between the types of inherent risk

    Chapter 9
    Control Risk

  • Classify controls into the components of the COSO model of controls
  • Distinguish between a control's design and its implementation

    Chapter 10
    All the Risks Together

  • Distinguish among inherent risk, control risk, and detection risk

    Chapter 11
    Risk Assessment for a Financial Audit

  • Define terms used in risk assessment for a financial audit

    Chapter 12
    Risk Assessment for a Performance Audit

  • Distinguish among inherent risk, control risk, and detection risk in a performance audit

    Chapter 13
    Risk Assessment for a Compliance Audit

  • Apply the two basic steps of conducting a risk assessment for a compliance audit

    Chapter 14
    Refining the Objectives

  • Distinguish between a workable objective and a vague objective

    Chapter 15
    Choosing and Budgeting Methodologies

  • Detect weak and vague audit methodologies
  • Classify evidence into one of three types
  • Differentiate between “sufficient” evidence and “appropriate” evidence

    Chapter 16
    Interviewing Skills and Client Relations

  • Identify and order the steps of conducting an interview

    Chapter 17
    Working Papers

  • Distinguish among the elements of a working paper
  • Describe the standards for working paper documentation

    Chapter 17
    Writing a Finding

  • Distinguish among the elements of a finding
  • Evaluate whether a finding follows the simple rules of logical organization of a finding

    Chapter 19
    Concluding the Audit

  • Identify the questions that you should consider at the end of your engagements
  • Course Contents :

    Chapter 1 - What Is an Auditor?

    Chapter Objectives

    What Is an Auditor?

    Independence

    Consulting vs. Auditing

    Subject Matter and Criteria

    Audit Deliverables

    Questions Auditors Answer

    Let’s Tweak That Definition of an Auditor

    Study Questions for Chapter 1

    Chapter 2 - Standard-Setting Bodies and Types of Audits

    Chapter Objectives

    Standard-Setting Bodies

    Borrow from Whomever Is in the Lead

    Types of Audits

    Investigations Are Different

    Study Questions for Chapter 2

    Chapter 3 - The Steps in Conducting an Audit Traditional Approach

    Chapter Objectives

    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. Writing findings

    14. Conferring with the client

    15. Concluding

    16. Finalizing the report

    The Three Phases of Auditing

    Study Questions for Chapter 3

    Chapter 4 - How to Control an Audit

    Chapter Objectives

    The Worst Audit Ever!

    Weakness #1: A vague and ever-expanding audit objective

    Things You Can Do About Other Audit Risks

    But What You Do Not Do Is:

    Weakness #2: No deliverables

    A List of Deliverables

    Weakness #3: No time limit

    Your Choices Make All the Difference

    Study Questions for Chapter 4

    Chapter 5 - Gathering Information

    Chapter Objectives

    AU-C 315: Understand the Entity and Assess Risk

    Inquiry

    Analytical Procedures

    Observations and Inspections

    Gain an Understanding of Five Areas

    The Yellow Book Also Has Key Areas

    A Mandatory Group Meeting

    “Just Do It”

    The AICPA’s New Motto is “Just Think about It”

    General Requirements of the Team Meeting Regarding Risk

    How Do Auditors Use This Information?

    Where are we in the process?

    Study Questions for Chapter 5

    Chapter 6 - The Audit Criteria

    Chapter Objectives

    The Importance of Clear and Wise Criteria

    What Is Criteria?

    Places to Get Criteria

    Three Kinds of Faulty Criteria

    1. “Thanks for Sharing” Criteria

    2. Vague Criteria

    3. Non-Existent Criteria

    The Client May Successfully Fend Off Audit Recommendations If You Don’t Have Firm Criteria

    Document the Criteria and Get the Client to Agree!

    Which criteria is relevant?

    financial audit

    GAAP

    compliance audit

    laws, regulations, contract, grant agreement

    performance audit

    benchmarks, standards, goals

    “Good Business Practice” Isn’t Criteria

    Study Questions for Chapter 6

    Chapter 7 - The Big Picture of Risk Assessment

    Chapter Objectives

    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

    Chapter Objectives

    Defining inherent risk

    Three facets of inherent risk

    1. Generic Risk

    2. Fraud Risk

    3. Flip side risk

    Forecasters of Doom

    Magnitude and Likelihood

    Study Questions for Chapter 8

    Chapter 9 - Control Risk

    Chapter Objectives

    Where Did the COSO Model Originate?

    The Top and Side of the Cube

    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

    Chapter Objectives

    Combining Inherent Risk and Control Risk

    The Auditor’s Response – Detection Risk

    Inherent Risk and Control Risk Effect on Detection Risk

    Another Reason to Let Go of Low Inherent Risk Items


    The GAO’s Take on Risk Assessment

    Where Does the IIA Stand on Risk Assessment?

    A Summary of the Risk Assessment Theory, in Simple English

    Study Questions for Chapter 10

    Chapter 11 - Risk Assessment for a Financial Audit

    Chapter Objectives

    The AICPA Breaks Down the Audit Universe into Pieces for a Financial Audit

    First Break – The Components of the Financial Statements

    Example: World Charity Super Bingo

    Second Cut – Management’s Assertions

    Back to Our Case Study – World Charity Super Bingo

    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

    Chapter Objectives

    The Purchasing Card Risk Assessment

    What Could Go Wrong?

    How to Break Purchasing Cards into Bite-Sized Pieces

    What Should the Process Look Like?

    Alarm Systems: Steps of a Process vs. Internal Controls:

    A Refinement to Our Risk Assessment Model – The Elements of a Finding

    Controls per step

    Using the COSO Model

    A Chat about Resulting Objectives and Methodologies

    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

    Chapter Objectives

    A Compliance Audit: Trixie’s Daycare

    Materiality Level #1: Decide on the Major Program

    Materiality Level #2: Choose Compliance Requirements

    Materiality Level #3: Risk Assessment on the Applicable Compliance Requirements

    A Recap

    Study Questions for Chapter 13

    Chapter 14 - Refining the Objectives

    Chapter Objectives

    A definition of an Audit Objective

    Strong Criteria Wins Out over Effective Every Time

    Replace the E Words with Something Auditable!

    What NOT To Do – A Bad Audit Objective

    Can You Improve These Objectives?

    Revisiting the Steps of an Audit

    Study Questions for Chapter 14

    Chapter 15 - Choosing and Budgeting Methodologies

    Chapter Objectives

    What Is a Methodology? An Audit Procedure? An Audit Program?

    Terms Are Messy in This Area!

    What is an Audit Program?

    You Were Hired to Think

    Who Is Calling the Shots?

    Why Create an Audit Program from Scratch?

    Following Up after Randy

    Possible Methodologies

    How to Choose a Good Methodology

    Pointed

    Strong

    Cheap

    Easy

    Example Methodologies

    Methodology 1

    Methodology 2

    Methodology 3

    Linking Objectives to Related Methodologies

    What if Your Audit Plan Is Too Ambitious?

    Critical Juncture: Preparing a Written Audit Plan

    Simple Audit Program

    Disclosing your Methodology

    Study Questions for Chapter 15

    Chapter 16 - Interviewing Skills and Client Relations

    Chapter Objectives

    Client Relationships Matter

    11 Competencies for Interviewing

    1. Analyze Background Materials

    2. Assure Preparation of the Meeting Site

    3. Establish and Maintain Credibility

    4. Manage the Emotional and Physical Environment

    5. Demonstrate Effective Communication and Presentation Skills

    6. Demonstrate Effective Questioning Skills

    7. Demonstrate Effective Listening Skills

    8. Provide Clarification and Feedback

    9. Record Results in a Clear Manner

    10. Resolve All Outstanding Issues

    11. Evaluate Interviewer’s Performance

    Steps of conducting an interview

    Overview of the interviewing steps

    Preliminary Work of an Interview

    Step 1: Break the ice

    Step 2: Brief the interviewee

    Step 3: Obtain background info from auditee

    Ask them to tell you about their:

    Step 4: Size up the auditee

    Step 5: Ask interviewee whether they have any questions

    Corpus Interviewa (the body of the interview)

    Step 6: Questioning

    Step 7: Summarize and Paraphrase

    Finishing the Interview

    Step 8: Close

    Step 9: Document the Interview

    Study Questions for Chapter 16

    Chapter 17 - Working Papers

    Chapter Objectives

    The Dreaded Working Papers!

    From Overly Detailed to Scarily Vague – Sharon and Andrew

    What the Standards Require

    Working Paper Etiquette

    Do Everything Possible to Make the Reviewer’s Life Easier

    The Most Significant Way to Smooth the Review Process: Find out What They Want

    Rebel without a Clue

    Commonly Used Components of Working Papers

    1. The Working Paper Is Titled, Signed, and Dated

    2. Source, Purpose, Procedures, Results, and Conclusion on Every Page

    3. Every Tick Mark Is Explained

    4. All Cross-References Are Two-Way

    5. Each Working Paper Is Neat and Legible

    6. Each Working Paper Is Referenced to the Program

    7. Each Working Paper Is Understandable without Further Explanation

    8. Important Calculations Were Verified

    9. Source Documents Were Included as Necessary

    10. If the Client Produced a Document, Write “PBC” on the Working Paper

    11. A Review Has Been Indicated

    Reviewing Working Papers: Keeping the Big Picture in Mind

    Check Concepts before Mechanics

    Follow the Hierarchy of Working Papers

    Study Questions for Chapter 17

    Chapter 18 - Writing a Finding

    Chapter Objectives

    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

    Put Off Writing Full Sentences for as Long as Possible

    Use Only One of Each Element

    The Elements Must Match

    Let’s Look at a Simple Example

    Finding the Root Cause

    Why Do You Need to Find the Root Cause?

    Roll Up the Cause

    You Can Move These Elements around Ad Infinitum

    Just Stick with the Facts, Ma’am!

    ·      All-or-nothing thinking

    ·      Overgeneralization

    ·      Mental filter

    ·      Disqualifying the positive

    ·      Jumping to conclusions

    ·      Mind reading

    ·      Fortuneteller error

    ·      Magnification (catastrophism) or minimization

    ·      Emotional reasoning

    ·      Should statements

    ·      Labeling and mislabeling

    ·      Personalization

    Relax, You Control Freak, You! Edit with Care!

    Study Questions for Chapter 18

    Chapter 19 - Concluding the Audit

    Chapter Objectives

    The Warm, Fuzzy Feeling

    It’s Getting Better All the Time

    One Last Look at the Steps of an Audit

    Study Questions for Chapter 19

    Glossary

    CPE Auditing (Governmental) Course: https://www.cpethink.com/yellow-book-auditing
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