2017 Auditing Update (16 hrs)

Course Description

2017 Auditing Update

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 Information

Price: $113
Course No. F040
Format: Online pdf (402 pages). Printed book available.
Prerequisites: None
Advance Preparation:None
Level: Overview
CPE Credit: 16 hrs.
Field of Study: Auditing
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: March 2017



Section 1: Auditing Developments

After reading the Section 1 course material, you will be able to:

• 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

Section 2: Auditing Developments

After reading the Section 2 course material, you will be able to:

• 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

Section 3: Accounting & Auditing in Volatile Times

After reading the Section 3 course material, you will be able to:

• 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

Section 4: The ASB’s Clarity Project

After reading the Section 4 course material, you will be able to:

• 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

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