Accounting and Auditing in Volatile Times
The purpose of this course is to identify key areas in which an auditor should focus to deal with volatility in the business climate. Students will learn how to compute the four working capital ratios on which an auditor should focus and be able to list the common pitfalls that continue to expose accountants to loss in litigation. This course will also identify the top ten actions to minimize the risk of being sued and help students apply suggestions on how a firm can reduce time and increase audit efficiency in an audit engagement. Finally, students will understand the requirements that should be followed in a reaudit engagement and be able to apply to requirements of SAS No. 84 in changing auditors.

Course Publication Date: September 28, 2015

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $40.00!

Author:Steven Fustolo
Course No:ACT-AAVOLATILE-611
Recommended CPE:4.00
Delivery Method:Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:General understanding of compilation and review standards
Recommended Field of Study:Accounting
  
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Learning Objectives
  • Identify key areas in which an auditor should focus to deal with volatility in the business climate
  • Recognize the four working capital ratios on which an auditor should focus
  • Identify the common pitfalls that continue to expose accountants to loss in litigation
  • Identify the top ten actions to minimize the risk of being sued
  • Indicate how a firm can reduce time and increase audit efficiency in an audit engagement
  • Identify factors that might raise doubt about an entity’s ability to continue as a going concern
  • Recognize provisions in a commercial lease that should be eliminated from the tenant’s perspective
  • Recognize the auditors’ responsibility for subsequent events
  • Identify the requirements that should be followed in a reaudit engagement
  • Recognize the requirements of SAS No. 84 in changing auditors
  • Recognize the public’s perception of accountants and auditors
  • Indicate the changes to auditors of service organizations made by SSAE No. 16

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Sponsor Number: 109423

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