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Course Details

Essential Skills for the Government Auditor - Yellow Book Series (Course Id 1105)

Updated / QAS / Registry   Add to Cart 
Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 10.0
IRS Credits : 0
Price : $120.00
Passing Score : 70%
Primary Subject-Field Of Study:

Auditing (Governmental) - Accounting and Auditing for Course Id 1105

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 : 2017
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 : 14-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 - 1105

Keywords : Auditing (Governmental), Essential, Skills, Government, Auditor, 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 to 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

    Chapter 16
    Judging Evidence and Preparing a Written Audit Plan

  • Classify evidence into one of three types
  • Differentiate between "sufficient" evidence and "appropriate" evidence

    Chapter 17
    Interviewing Skills and Client Relations

  • Identify and order the steps of conducting an interview

    Chapter 18
    Working Papers

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

    Chapter 19
    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 20
    Concluding the Audit

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

    Chapter 1 What Is an Auditor?

    Independence

    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

    Standard-setting bodies

    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

    1011. Perform the audit methodologies and document results

    12. Review working papers

    1316. 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 dont 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 isnt 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 dont 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 auditors response detection risk

    Inherent risk and control risk effect on detection risk

    The GAOs 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: Trixies Daycare

    A recap

    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?

    Canned methodologies

    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

    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 reviewers 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

    Lets look at a simple example

    Finding the root cause

    Just stick with the facts, maam!

    Relax, you control freak, you! Edit with care!

    Study Questions for Chapter 19

    Chapter 20 Concluding the Audit

    The warm, fuzzy feeling

    Its getting better all the time

    Study Questions for Chapter 20

    Glossary

    Auditing (Governmental) Course 1105 Home: https://www.cpethink.com/yellow-book-auditing
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