Auditing Update (16 hrs.)

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Course Description

2021 Auditing Update Including New SAS No. 134-139 and SSAE No. 19

The objective of this auditing update 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 No. 19-22.  The course focuses on recalling, recognizing and identifying rules related to auditing standards including new developments pertaining to those standards.

 

Course Information


Price: $113
This course is included in our Accounting and Auditing CPE Bundle


Course No. F040
Format: Online pdf (391 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
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: May 2021

Objectives

 

Section 1: Auditing Update

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

    • 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

Section 2: Auditing Update cont.

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

  • 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
  • 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

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Rudolf Krauss
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