Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. The course also identifies amendments to the appendix to AU-C 935 that identifies AU-C sections that are specific excluded from application to compliance audits. " /> Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. The course also identifies amendments to the appendix to AU-C 935 that identifies AU-C sections that are specific excluded from application to compliance audits. "/>
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The introduction of the Sarbanes-Oxley (SOX) Act law fueled rapid growth in the organizational importance of internal control systems. Appropriate interpretation and implementation of the internal control framework are vital for every organization. This course incorporates and reflects up-to-date guidance from the PCAOB, the AICPA, the ACFE, and the principles of 2013 the COSO Framework as amended. The course not only addresses the theoretical concept of the internal control system but also provides readers with the practical guidance they need to assume a role in the design, implementation, maintenance and evaluation of a comprehensive framework of internal controls for their organizations.

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Internal Control and Fraud Detection: A Practical Guide (8 Hrs)
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Suggested Courses

The introduction of the Sarbanes-Oxley (SOX) Act law fueled rapid growth in the organizational importance of internal control systems. Appropriate interpretation and implementation of the internal control framework are vital for every organization. This course incorporates and reflects up-to-date guidance from the PCAOB, the AICPA, the ACFE, and the principles of 2013 the COSO Framework as amended. The course not only addresses the theoretical concept of the internal control system but also provides readers with the practical guidance they need to assume a role in the design, implementation, maintenance and evaluation of a comprehensive framework of internal controls for their organizations.

Specifically, the course presents the principles of internal control to help readers understand the nature and context of control, such as the limitations of internal controls, the most recognized controls frameworks (e.g., COSO Framework, Green Book), and some common and important control procedures. It also includes steps on how to identify risks and controls, advice on how to assess the adequacy of controls, a discussion of how to reach a fair assessment, and documentation requirements for evidence of effective controls. In addition, the course discusses requirements related to performing an integrated audit: AS 2201 and AU-C Section 940.  Although these auditing rules are mandatory for external auditors and not for management, management should give consideration to following the approach described in these requirements.

No discussion of internal controls would be complete without an examination of fraud prevention and detection. All organizations are subject to fraud risks. Fraud is now so common that its occurrence is no longer remarkable, only its scale. The course offers the essential tools for designing and implementing programs and controls to prevent and detect fraud. It focuses on the causes of fraud, fraud risk factors, some of the more common types of fraud, fraud symptoms, and fraud preventive and detective techniques, along with recent cases of corporate fraud. It explains the differences between forensic accounting and auditing. It also includes the ACFE Fraud Prevention Checkup to help organizations identify major gaps and fix them before it is too late.

This course includes an illustration of potential internal control weaknesses involving accounting and financial reporting cycles, along with examples of compensating controls. It provides sample audit programs of key processes.  It also incorporates appendixes including an example of management internal control report, a SOX Section 404 management compliance checklist, financial reporting controls and information systems checklist for each key cycle (e.g., revenue, inventory, financing), and a computer applications checklist.

Internal Control and Fraud Detection: A Practical Guide (8 Hrs)
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The introduction of the Sarbanes-Oxley (SOX) Act law fueled rapid growth in the organizational importance of internal control systems. Appropriate interpretation and implementation of the internal control framework are vital for every organization. This course incorporates and reflects up-to-date guidance from the PCAOB, the AICPA, the ACFE, and the principles of 2013 the COSO Framework as amended. The course not only addresses the theoretical concept of the internal control system but also provides readers with the practical guidance they need to assume a role in the design, implementation, maintenance and evaluation of a comprehensive framework of internal controls for their organizations.

Specifically, the course presents the principles of internal control to help readers understand the nature and context of control, such as the limitations of internal controls, the most recognized controls frameworks (e.g., COSO Framework, Green Book), and some common and important control procedures. It also includes steps on how to identify risks and controls, advice on how to assess the adequacy of controls, a discussion of how to reach a fair assessment, and documentation requirements for evidence of effective controls. In addition, the course discusses requirements related to performing an integrated audit: AS 2201 and AU-C Section 940.  Although these auditing rules are mandatory for external auditors and not for management, management should give consideration to following the approach described in these requirements.

No discussion of internal controls would be complete without an examination of fraud prevention and detection. All organizations are subject to fraud risks. Fraud is now so common that its occurrence is no longer remarkable, only its scale. The course offers the essential tools for designing and implementing programs and controls to prevent and detect fraud. It focuses on the causes of fraud, fraud risk factors, some of the more common types of fraud, fraud symptoms, and fraud preventive and detective techniques, along with recent cases of corporate fraud. It explains the differences between forensic accounting and auditing. It also includes the ACFE Fraud Prevention Checkup to help organizations identify major gaps and fix them before it is too late.

This course includes an illustration of potential internal control weaknesses involving accounting and financial reporting cycles, along with examples of compensating controls. It provides sample audit programs of key processes.  It also incorporates appendixes including an example of management internal control report, a SOX Section 404 management compliance checklist, financial reporting controls and information systems checklist for each key cycle (e.g., revenue, inventory, financing), and a computer applications checklist.

Internal Control and Fraud Detection: A Practical Guide (8 Hrs)
Suggested Courses

The introduction of the Sarbanes-Oxley (SOX) Act law fueled rapid growth in the organizational importance of internal control systems. Appropriate interpretation and implementation of the internal control framework are vital for every organization. This course incorporates and reflects up-to-date guidance from the PCAOB, the AICPA, the ACFE, and the principles of 2013 the COSO Framework as amended. The course not only addresses the theoretical concept of the internal control system but also provides readers with the practical guidance they need to assume a role in the design, implementation, maintenance and evaluation of a comprehensive framework of internal controls for their organizations.

Specifically, the course presents the principles of internal control to help readers understand the nature and context of control, such as the limitations of internal controls, the most recognized controls frameworks (e.g., COSO Framework, Green Book), and some common and important control procedures. It also includes steps on how to identify risks and controls, advice on how to assess the adequacy of controls, a discussion of how to reach a fair assessment, and documentation requirements for evidence of effective controls. In addition, the course discusses requirements related to performing an integrated audit: AS 2201 and AU-C Section 940.  Although these auditing rules are mandatory for external auditors and not for management, management should give consideration to following the approach described in these requirements.

No discussion of internal controls would be complete without an examination of fraud prevention and detection. All organizations are subject to fraud risks. Fraud is now so common that its occurrence is no longer remarkable, only its scale. The course offers the essential tools for designing and implementing programs and controls to prevent and detect fraud. It focuses on the causes of fraud, fraud risk factors, some of the more common types of fraud, fraud symptoms, and fraud preventive and detective techniques, along with recent cases of corporate fraud. It explains the differences between forensic accounting and auditing. It also includes the ACFE Fraud Prevention Checkup to help organizations identify major gaps and fix them before it is too late.

This course includes an illustration of potential internal control weaknesses involving accounting and financial reporting cycles, along with examples of compensating controls. It provides sample audit programs of key processes.  It also incorporates appendixes including an example of management internal control report, a SOX Section 404 management compliance checklist, financial reporting controls and information systems checklist for each key cycle (e.g., revenue, inventory, financing), and a computer applications checklist.

Internal Control and Fraud Detection: A Practical Guide (8 Hrs)
Course Details

SAS Nos. 146-148: Recently Issued Auditing Standards (Course Id 2156)

QAS / Registry
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Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 27 ||| Word Count: 11,942 ||| Review Questions: 12 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 2156

Description :

The objective of this course is to review three recently issued auditing standards: SAS Nos. 146-148.

The first section reviews the requirements found in SAS No. 146 related to quality management of an audit engagement.  This section identifies the key elements of quality management, the important role and responsibilities of the engagement partner in managing the audit, the importance of quality to all members of the audit engagement team.

The section informs the reader of the various changes made to AU-C 210, Terms of Engagement, by SAS No. 147 in connection with fraud and noncompliance with laws and regulations.  Topics including clarifying requirements and guidance related to a successor auditor’s inquiries of a predecessor auditor,  responsibilities of the predecessor auditor to respond to successor auditor inquiries when authorized by management,  and more.

Finally, the section discuss amendments made to AU-C 935, Compliance Audits, by SAS No. 148, to reflect changes made by recently issued auditing standards SAS No. 142 and 145.  Topics include identifying the specific amendments made to AU-C 935 that are part of AU-C 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement. The course also identifies amendments to the appendix to AU-C 935 that identifies AU-C sections that are specific excluded from application to compliance audits.

Usage Rank : 31111
Release : 2023
Version : 1.0
Prerequisites : General understanding of compilation and review and auditing standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 11-May-2023
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 - 2156

Keywords : Auditing, SAS, Nos. 146-148, Recently, Issued, Auditing, Standards, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading the course material on SAS No. 146, you will be able to:
  • Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled
  • Identify certain requirements an engagement partner must satisfy in performing an audit engagement
  • Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement
  • Identify a type of unconscious bias defined in SAS No. 146
  • Recall a possible action that an engagement team may take to mitigate impediments to exercise professional skepticism
After reading the course material on SAS No. 147, you will be able to:
  • Identify when a successor auditor should request management to authorize a predecessor auditorís response to the successor auditorís inquiry
  • Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147
  • Recall the extent of a predecessor auditorís response to a successor auditorís inquiries when there are certain restrictions on the predecessor auditor.
After reading the course material on SAS No. 148, you will be able to:
  • Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits.
  • Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit.
Course Contents :

Chapter 1 - SAS Nos. 146-148: Recently Issued Auditing Standards

Introduction

SAS No. 146: Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards

I.  Objective  of SAS No. 146

II. Background

A. General

III. Overview of SAS No. 146

A. General

B. The Firmís System of Quality Management and the Role of Engagement Teams

C. The Engagement Partnerís Responsibilities

D. Amendments to Other SASs by SAS No. 146

IV. Scope of SAS No. 146

A. General Scope

V. Definitions

VI. Requirements of SAS No. 146

A. Leadership Responsibilities for Managing and Achieving Quality on Audits

B. Relevant Ethical Requirements, Including Those Related to Independence

C. Acceptance and Continuance of Client Relationships and Audit Engagements

D. Engagement Resources

E. Engagement Performance

F. Monitoring and Remediation

G. Taking Overall Responsibility for Managing and Achieving Quality

H. Documentation

I. Scalability Issues

J. Engagement Partner Communicating Professional Skepticism

Review Questions

SAS No. 147: Inquiries of the Predecessor Auditor Regarding Fraud and Noncompliance With Laws and Regulations

I.  Objective  of SAS No. 147

II. Background

A. General

III. Definitions

IV. Requirements of SAS No. 147

A. Amendments to AU-C 210, Terms of Engagement

V. Flowchart from SAS No. 147

Review Questions

SAS No. 148: Amendment to AU-C Section 935

I.  Objective  of SAS No. 148

II. Background

A. General

B. General Amendments to AU-C 935 Appendix Arising from SAS No. 142

C. General Amendments to AU-C 935 Appendix Arising from SAS No. 145

D. Other Revisions

III. Requirements of SAS No. 148

A. Amendments to AU-C 935, Compliance Audits

B. Amendments to Appendix to AU-C 935

C. Amendments to Illustrate Report on Internal Control Over Compliance AU-C 035 Compliance Audit

Review Questions

Glossary

CPE Auditing Course: https://www.cpethink.com/auditing-cpa-courses
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