Auditing Developments – 2021: New SAS Nos. 134-143 and SSAE Nos. 19-22 Covid-19 Reporting Issues (Items 20 and 20E)
The objective of this course is to address the latest developments affecting 2020 and 2021 audit engagements, including the impact of COVID-19 on audit engagements.

Topics include: addressing the auditor’s consideration of the business and economic environment in which the client operates; accounting and auditing engagement issues during COVID-19 including the impact of the pandemic on an entity’s ability to continue as a going-concern; client and employee fraud; specific accounting risks for auditors to consider; limiting auditor’s liability; key audit focus areas during volatile times; lessons from litigation; efficiency engagements to reduce auditor time; various practice issues related to audits; dealing with DOL audits of employee benefit plans; and more.

Additionally, in this course, auditors will learn about the new auditor’s report, auditing estimates and audit evidence guidance found in SAS Nos. 134-143, and the new attestation standards found in SSAE Nos. 19-22.

The course focuses on recalling, recognizing and identifying rules related to auditing standards including new developments pertaining to those standards.


Course Publication Date: May 24, 2021

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

Author:Steven Fustolo
Course No:AUD-AUDITDEV-6031
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
  
Learning Objectives
  • Identify an example of a concentration which might require disclosure.
  • Recall the definition of near term.
  • Identify the net operation loss rules under the CARES Act.
  • Recognize a key characteristic of a multi-employer pension plan.
  • Identify the most obvious approach to account for a PPP loan under GAAP.
  • Recall how an entity should account for PPP loan forgiveness.
  • Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory.
  • Recognize an advantage of remote auditing.
  • Recognize a behavioral trait of most occupational fraudsters.
  • Recognize the difference between fraud and an error.
  • Recall the three conditions of the fraud triangle.
  • Identify common types of financial statement fraud noted by the FBI.
  • Recognize an example of a misappropriation of assets.
  • Identify an additional procedure required to deal with the risk of management override of internal controls.
  • Recognize a factor to consider in evaluating going concern of an entity.
  • Recall how an investment in equity security should be accounted for under GAAP.
  • Recognize the new sales tax rules in the wake of the Wayfair decision.
  • Recognize an example of a coverage ratio.
  • Recall the timeframe within which most lawsuits against auditors occur.
  • Identify a recommendation to tighten up auditor workpapers.
  • Identify a suggestion for an auditor that reduces time and increases audit efficiency.
  • Recognize when negative accounts receivable confirmations should not be used.
  • Identify the form of a comfort letter that would be appropriate for an accountant to make to a lender.
  • Recall the rule for an auditor presenting his or her city and state on the audit report.
  • Identify the rules for an auditor communicating deficiencies found in an audit.
  • Recognize an example of a result that can occur if there is a problem with a DOL employee benefit plan audit.
  • Identify a type of fraudster.
  • Recall the location of certain sections in the auditor’s report.
  • Recognize the categorization of an adverse opinion.
  • Identify a change that SAS No. 136 makes to the limited-scope ERISA audit.
  • Recognize one of the changes made by AU-C 703 to ERISA audits.
  • Recall the reporting requirement when an auditor obtains other information in an audit.
  • Identify a reference that is made in the new definition of materiality.
  • Recognize the definition of certain types of paragraphs made by SAS No. 139.
  • Recognize an example of an attribute of information obtained as audit evidence per SAS No. 142.
  • Identify an attribute of audit evidence referenced in SAS No. 142.
  • Identify how inherent and control risk should be assessed under the SAS No. 143 requirements.
  • Recall the three approaches that an auditor can use to perform further audit procedures required by SAS No. 143.
  • Identify a change made by SSAE No. 19.
  • Recognize one of the four types of engagements within SSAE No. 21’s new definition of attestation engagement.
  • Identify an example of subject matter that is within the scope of SSAE No. 22’s review.

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.

Sponsor Number: 109423

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