The objective of this course is to review the latest developments affecting audit engagements.
Part of planning an audit involves consideration of the business and economic environment in which the client operates. Thus, auditors need to be aware of the various types of fraud that clients and employees may be committing, especially in light of myriad lawsuits against auditors and accountants. In addition to applying techniques to limit their liability to their clients and third parties, auditors are confronting other major problems facing the accounting field, including compliance with the Sarbanes-Oxley Act. The peer review comments and new auditing statements provide further guidance on current issues. To deal with the volatility in the business climate, auditors should focus their efforts in key areas and should take lessons from litigation. Additionally, in this course, auditors will learn how to perform more efficient engagements, and lastly, a section on the issuance of SAS Nos. 128 to 130, and much more. The course focuses on reviewing and recalling rules related to auditing standards including new developments related to those standards.
Course Publication Date: October 14, 2016
This course is available with NO ADDITIONAL FEE
if you have an active self study membership
or can be purchased for $160.00
|Delivery Method:||Self Study
|Level of Knowledge:||Overview
|Prerequisites:||General understanding of auditing standards
|Recommended Field of Study:||Auditing
- Identify certain factors that an auditor may consider in assessing going concern.
- Identify audit procedures that an auditor should perform on receivables and inventories.
- Identify the categories of securities found in GAAP.
- Identify examples of fraud involving fraudulent financial reporting and misappropriation of assets.
- Identify some of the audit procedures required to deal with the risk of management override of internal controls.
- Recognize some of the criteria that are needed to recognize revenue.
- Identify facts related to the concentration of auditors in the larger public company market.
- Recognize recommendations made to address auditor liability.
- Recall some of the AICPA’s top 10 technology issues affecting auditors.
- Identify the auditor requirements of Section 404 of Sarbanes-Oxley Act.
- Recall some of the whistleblower protections for employees of public companies including the incentives given to such whistleblowers to report to the SEC.
- Identify some of the key deficiencies found in peer review.
- Identify some of the requirements found in SSAE No. 16 related to the service auditor’s report.
- Identify an example of a coverage ratio.
- Recognize some of the common pitfalls that continue to expose accountants to loss in litigation.
- Identify some of the top ten actions to minimize the risk of being sued.
- Identify actions that can reduce time and increase audit efficiency in an audit engagement.
- Identify at least one procedure an external auditor should perform with respect to internal auditors.