Auditing Developments – 2023 New SAS Nos. 142-148 and SSAE Nos. 21-22
The objective of this course is to address the latest developments affecting 2022 and 2023 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 post-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 auditing estimates, obtaining audit evidence, changes made to the auditor’s understanding of the entity and its environment, risk assessment procedures, using the work of specialists as audit evidence, changes to compliance audits, and more. These changes are found in newly issued SAS Nos. 142-148. The course also addresses new attestation standards found in SSAE Nos. 21-22.

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

Course Publication Date: June 01, 2023

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-6033
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 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 reducing time and increasing 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.
  • Recognize an example of an attribute of information obtained as audit evidence per 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 some instances in which an auditor may conclude that a specialist’s work is not adequate.
  • Identify a type of risk assessment procedure that an auditor can use in accordance with SAS No. 145.
  • Recall examples of risk assessment procedures that an auditor may perform in SAS No. 145.
  • Recognize how to perform risk assessment procedures when relying on information obtained from previous experience with an entity.
  • Identify examples of risk assessment procedures to obtain audit evidence in accordance with SAS No. 145.
  • Recognize a new requirement made by SAS No. 145 in connection with assessing inherent risk and control risk in an audit.
  • Identify how an auditor should respond if the auditor does not plan to test the operating effectiveness of an entity’s controls.
  • Recall the date by which an engagement partner must take responsibility for determining that ethical requirements are fulfilled.
  • Identify certain requirements an engagement partner must satisfy in performing an audit engagement.
  • Recognize examples of resources assigned or made available by a firm to support performance of an audit engagement.
  • Identify a type of unconscious bias defined in SAS No. 146.
  • Recall a possible action that an engagement team may take to mitigate impediments to exercise professional skepticism.
  • Identify when a successor auditor should request management to authorize a predecessor auditor’s response to the successor auditor’s inquiry.
  • Recognize one of the new inquiries a successor auditor should make of a predecessor auditor by SAS No. 147.
  • Recall the extent of a predecessor auditor’s response to a successor auditor’s inquiries when there are certain restrictions on the predecessor auditor.
  • Identify an example of a recently issued auditing standard that SAS No. 148 incorporates into amendments to AU-C 935, Compliance Audits.
  • Recognize one of the five components of a system of internal control identified in SAS No. 145 and incorporated into Au-C 935 by SAS No. 148 amendments.
  • Recall examples of inherent risk factors related to identifying and assessing risks of material misstatement in a compliance audit.
  • 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

 (296ms)
A4S-WEB2 3.227.240.72 url(WWW.CPEDEPOT.COM)-domain(WWW.CPEDEPOT.COM)-anon

Search Courses

Group Plan

Group plans are convenient and cost effective!

Authors Wanted

We are looking for authors!