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Author: |
Kelen Camehl, CPA, MBA |
Course Length: |
Pages: 18 ||| Word Count: 6567 ||| Review Questions: 3 ||| Final Exam Questions: 5 |
CPE Credits: |
1.0 |
IRS Credits: |
0 |
Price: |
$12.95 |
Passing Score: |
70% |
Course Type: |
Text |
Technical Designation: |
Technical |
Field Of Study: |
Auditing |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This course addresses red flags auditors should watch for in compliance audits, cybersecurity evaluations, and going concern assessments.
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Frequently Asked Questions: |
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Description: |
This course addresses red flags auditors should be mindful of in compliance audits, cybersecurity evaluations, and going-concern assessments. Topics include how to spot violations of legal and regulatory requirements, signs of inadequate cybersecurity measures, and how to evaluate the going-concern assumption in light of financial difficulties or operational risks. The course also discusses how auditors can respond to these red flags and ensure that potential issues are identified early, protecting both the organization and its stakeholders from future risks. |
Usage Rank: |
14444 |
Release: |
2025 |
Version: |
1.0 |
Prerequisites: |
None. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
External: Inherent Risk: Definition, Examples, and 3 Types of Audit Risks
Internal: Identifying Audit Risks - Internal Controls and Audit Evidence
Internal: Identifying Audit Risks - Compliance and Going‑Concern Issues (same page as source)
External: Wikipedia - Inherent risk (accounting) (audit risk components)
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
06-Mar-2025 |
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. |
Keywords: |
Identifying Audit Risks - Compliance and Going-Concern Issues - CPE course for CPAs |
Learning Objectives: |
Course Learning Objectives Upon completion of this course, you will be able to:
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Course Contents: |
Chapter 1 - Identifying Audit Risks - Compliance and Going-Concern Issues Course Learning Objectives Course Overview Introduction Going-Concern Assessments and the Auditor's Responsibility Key Financial and Operational Red Flags Red Flags Related to Management’s Plans to Mitigate Going-Concern Risks Audit Techniques to Assess the Adequacy of Going-Concern Disclosures Review Questions Cybersecurity Risks and the Increasing Importance of IT in Audits Key Cybersecurity Red Flags Effectiveness of an Organization’s Cybersecurity Controls Potential Data Breaches or Weaknesses in IT Governance Integrating Cybersecurity Assessments into the Overall Audit Process Compliance Audits and the Risks Involved in Regulatory Non-Compliance Red Flags Suggesting Potential Violations Identifying Patterns of Non-Compliance Monitoring Changes in Laws and Regulations Role of Auditors in Communicating Compliance Risks to Stakeholders Conclusion Review Questions Glossary of Key Terms |
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