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| Author : | Steven C Fustolo, CPA, MBA |
| Course Length : | Pages: 63 ||| Word Count: 27,014 ||| Review Questions: 21 ||| Final Exam Questions: 20 |
| CPE Credits : | 4.0 |
| IRS Credits : | 0 |
| Price : | $35.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Auditing - Auditing for Course Id 2003 |
| Description : | The objective of this course is to address the new auditing standards issued by the Auditing Standards Board as SAS Nos. 142-145. The first segment of the course addresses SAS No. 142’s expanded guidance on what comprises audit evidence in a financial statement audit. Topics include: evaluating audit evidence; testing audit evidence; relevance and reliability of audit evidence including its source; susceptibility to management bias; corroborative or contradictory information; evaluating whether information is sufficiently precise and detailed for the auditor’s purposes; and use of automated tools and techniques. The second segment is a review of SAS No. 143’s guidance on accounting estimates including the degree of estimation uncertainty; risk assessment procedures related to accounting estimates; identifying and assessing the risks of material misstatement including responses to the assessment; indicators of possible management bias, and more. The third segment consists of a review of SAS No. 144’s changes to auditing standards in connection with use of specialists (management and auditor specialists) and use of price information obtained from external sources. The final section addresses significant changes made by SAS No. 145 to the auditor’s understanding of an entity and its environment and the assessment of risks of material misstatement. |
| Usage Rank : | 22857 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of accounting, financial reporting, auditing and compilation and review standards. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Accounting Standard
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 19-Apr-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 - 2003 |
| Keywords : | Auditing, New, Auditing, Standards, SAS, Nos, 142-145 |
| Learning Objectives : |
Course Learning Objectives After reading the course material, you will be able to:
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| Course Contents : | Chapter 1 - New Auditing Standards - SAS Nos. 142-145 SAS No. 142: Audit Evidence I. Objective II. Introduction A. Overview III. Scope of SAS No. 142 A. General IV. Definitions V. Requirements of SAS No. 142 A. General B. Evaluating Information to be Used as Audit Evidence C. Basis for Concluding on the Sufficiency and Appropriateness of Audit Evidence D. Use of Automated Tools and Techniques in Obtaining Audit Evidence E. Inconsistencies in, or Doubts About the Reliability of, Audit Evidence EXHIBIT A Review Questions SAS No. 143: Auditing Accounting Estimates and Related Disclosures I. Objective II. Introduction A. General III. Overview of SAS No. 143 A. General B. Degree of Estimation Uncertainty C. Key Concepts Found in SAS No. 143 IV. Scope of SAS No. 143 A. General V. Definitions Used in SAS No. 143 VI. Requirements of SAS No. 143 A. Risk Assessment Procedures and Related Activities B. Identifying and Assessing the Risks of Material Misstatement C. Auditor Responses to the Assessed Risks of Material Misstatement D. Evaluating Indicators of Possible Management Bias E. Perform an Overall Evaluation Based on Audit Procedures Performed F. Communication With Those Charged With Governance, Management, or Other Parties G. Audit Documentation H. Changes to Management Representation Letter EXHIBIT A- The Revised Management Representation Letter EXHIBIT B- Communications With Those Charged With Governance EXHIBIT C- Understanding the Entity’s Internal Review Questions SAS No. 144: Amendments to AU-C 501, 540, and 620 Related to the Use of Specialists and Use of Pricing Information Obtained From External Information Sources I. Objective II. Introduction A. General III. Definitions of SAS No. 144 IV. Requirements of SAS No. 144 A. Amendments to AU-C 501, Audit Evidence - Specific Considerations for Selected Items B. Amendments to AU-C 540, Audit Accounting Estimates and Related Disclosures C. Amendments to AU-C 620, Using the Work of an Auditor’s Specialist Review Questions SAS No. 145: Understanding the Entity, Its Environment and Assessing the Risks of Material Misstatement I. Objective II. Introduction III. Definitions of SAS No. 145 IV. Requirements of SAS No. 145 A. Risk Assessment Procedures and Related Activities B. Obtaining an Understanding of the Entity, Its Environment, the Applicable Financial Reporting Framework, and the Entity’s System of Internal Control C. Identifying and Assessing the Risks of Material Misstatement D. Evaluating the Audit Evidence Obtained From the Risk Assessment Procedures E. Classes of Transactions, Account Balances, and Disclosures That Are Not Significant but are Material (The Stand-Back Provision) F. Revision of Risk Assessment G. Documentation H. Appendices Review Questions Glossary |
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Auditing for Fraud (2 Hrs)