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In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Auditing for Fraud (2 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Auditing Internal Controls (3 Hrs)

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX. Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers. It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”. Dewey & LeBouef declared bankruptcy in 2012.

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue. It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC. ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Crossing the Line - Cases in Financial Statement Fraud and Auditor Deception (1 Hrs)

The auditor uses these four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Auditing – Creating a Plan for Success is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This risk assessment auditing CPE course will review the eight steps involved in creating the audit plan.

Auditing - Creating a Plan for Success (10 Hrs)
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Suggested Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Auditing for Fraud (2 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Auditing Internal Controls (3 Hrs)

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX. Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers. It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”. Dewey & LeBouef declared bankruptcy in 2012.

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue. It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC. ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Crossing the Line - Cases in Financial Statement Fraud and Auditor Deception (1 Hrs)

The auditor uses these four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Auditing – Creating a Plan for Success is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This risk assessment auditing CPE course will review the eight steps involved in creating the audit plan.

Auditing - Creating a Plan for Success (10 Hrs)
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Similar Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Auditing for Fraud (2 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Auditing Internal Controls (3 Hrs)

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX. Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers. It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”. Dewey & LeBouef declared bankruptcy in 2012.

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue. It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC. ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Crossing the Line - Cases in Financial Statement Fraud and Auditor Deception (1 Hrs)

The auditor uses these four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Auditing – Creating a Plan for Success is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This risk assessment auditing CPE course will review the eight steps involved in creating the audit plan.

Auditing - Creating a Plan for Success (10 Hrs)
Suggested Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Auditing for Fraud (2 Hrs)

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Auditing Internal Controls (3 Hrs)

Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX. Dewey & LeBouef was a high-profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers. It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”. Dewey & LeBouef declared bankruptcy in 2012.

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue. It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC. ContinuityX declared bankruptcy in 2013.

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Crossing the Line - Cases in Financial Statement Fraud and Auditor Deception (1 Hrs)

The auditor uses these four phases to meet the overall objective of the audit, which is to express an opinion on the fairness with which the financial statements present fairly. Every audit requires planning, which occurs during the first of the four audit phases. Auditing – Creating a Plan for Success is a course that will review the audit planning process. This course will discuss the important of evaluating materiality and risk, which will impact the auditor's planned audit evidence. This course will describe how to develop a preliminary judgment about materiality and consider the most appropriate risks for each engagement. This risk assessment auditing CPE course will review the eight steps involved in creating the audit plan.

Auditing - Creating a Plan for Success (10 Hrs)
Course Details

SSARS No. 25 - Materiality in a Review of Financial Statements and Adverse Conclusions (Course Id 1644)

Updated / QAS / Registry
  Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 52 ||| Word Count: 24,165 ||| Review Questions: 23 ||| 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 1644
Description :

The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by the issuance of SSARS No. 25,  Materiality in a Review of Financial Statements and Adverse Conclusions,  include changes made to AR-C 60- General Principles, AR-C 70- Preparation of Financial Statements, AR-C 80- Compilation Engagements, and AR-C 90- Review of Financial Statements.    Topics include expanding use of the disclaimer report in a preparation engagement, changes involving the reporting on the contractual basis of accounting,  new requirements to define materiality in a review engagement, expanded inquiries and management representations in a review engagement,  the new modified conclusions, guidance on going concern in a review engagement, and more.

The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement.  
Usage Rank : 13571
Release : 2024
Version : 1.0
Prerequisites : General understanding of compilation and review standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Financial Statement Analysis: How It’s Done, by Statement Type
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 25-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 - 1644
Keywords : Auditing, SSARS, No, 25, Materiality, Review, Financial, Statements, Adverse, Conclusions, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading the Sections I through V course material, you will be able to:
  • Identify engagement types that are (and are not) authorized under the SSARSs
  • Recognize a precondition for an accountant to accept a SSARS engagement
  • Identify what is required for an accountant to perform a preparation engagement
  • Recall whether the preparation of financial statements standard is an attest or nonattest service
  • Recognize whether an accountant and a client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70
  • Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
  • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement
After reading the Section VI course material, you will be able to:
  • Recognize actions an accountant should take under SSARS No. 25 when a compilation is performed on the contractual basis of accounting
After reading the Section VII course material, you will be able to:
  • Identify facts that the accountant should consider in determining materiality in a review engagement
  • Identify the date as of which management representations should be made in a management representation letter for a review engagement
  • Recognize a change that SSARS No. 25 makes to the accountant’s review report
  • Recall language that SSARS No. 25 requires to be included in a review report on the contractual basis of accounting.
  • Identify the term that GAAP uses for management’s assessment of an entity’s going concern
  • Recognize the reporting requirements for going concern in a review engagement
  • Recall some of the items that should be documented in a review engagement
Course Contents :

Chapter 1 - SSARS No. 25 - Materiality in a Review of Financial Statements and Adverse Conclusions

I.  Overview of SSARS No. 25

A.  Effective Date

B.  Objective

C.  Background

II.  Overview of Changes Made By SSARS No. 25

III.  AR-C Section 60- General Principles for SSARSs

IV.  SSARS No. 25 Changes to AR-C 60- General Principles

V.  SSARS No. 25 Changes to AR-C 70- Preparation of Financial Statements

Review Questions

VI.  SSARS No. 25 Changes to AR-C 80- Compilation Engagements

Review Questions

VII.  SSARS No. 25 Changes to AR-C 90: Review of Financial Statements

CHANGE 1:  New Definitions- Review Engagements

CHANGE 2:  Materiality in a Review Engagement

CHANGE 3:  Inquiries of Management

CHANGE 4:  Miscellaneous Review Procedures

CHANGE 5:  Additional Procedures When the Accountant Becomes Aware That the Financial Statements May Be Materially Misstated

CHANGE 6:  Written Representations in a Review Engagement

Review Questions

CHANGE 7:  Modifications to Review Engagement Reporting

CHANGE 8:   Going Concern in a Review Engagement

CHANGE 9:  Expanded Documentation in a Review Engagement

Review Questions

Glossary
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