Auditing Developments 2017
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, understand the guidance found in SAS Nos. 128 to 131 and new SSAE No. 18, and much more. The course focuses recalling, recognizing and identifying rules related to auditing standards including new developments pertaining to those standards.

Course Publication Date: June 21, 2017

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $160.00!

Author:Steven Fustolo
Course No:AUD-AUDITDEV-6037
Recommended CPE:16.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:General understanding of auditing standards
Advanced Preparation:None
Recommended Field of Study:Auditing
  
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Learning Objectives
  • Identify certain factors that an auditor may or may not consider in assessing going concern.
  • Identify audit procedures that an auditor should perform on receivables and inventories.
  • Identify the categories of securities found in existing 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 an acceptable type of indemnification clause that an auditor can use.
  • Identify a fact related to the concentration of auditors in the larger public company market.
  • Recognize a recommendation made to address auditor liability.
  • Recall some of the AICPA’s top technology issues affecting auditors.
  • Identify some of the auditor requirements of Section 404 of Sarbanes-Oxley Act.
  • Identify some of the reasons why an entity may no longer wish to stay public.
  • 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 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.
  • Recognize an appropriate response to a comfort letter request.
  • Identify an action an accountant should take if he or she identifies a deficiency in internal control.
  • Recall when an employee benefit plan must have an audit.
  • Recognize actions to reduce cheating in a company.
  • Identify at least one procedure an external auditor should perform with respect to internal auditors.
  • Recall which types of engagements should follow SSAE No. 18 attestation standards.

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.nasbaregistry.org.

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