Top Accounting and Auditing Issues for 2023 CPE Course: Module 2 (Currently Unavailable)
Author: Robert K Minniti, Pat Patterson
| CPE Credit: |
6 hours for CPAs |
This six CPE hour course reviews top auditing issues: going concern: auditing and internal control issues, crypto basics and audit considerations, fraud risks when conducting remote audits, and environmental, social, and governance. This course reviews internal control and internal control systems from the auditor’s point of view. It provides updates on internal controls and American Institute of Certified Public Accountants (AICPA) auditing standards, as well as internal control and audit reports. It also covers the new quality management standards approved by the AICPA Accounting Standards Board (ASB), discusses internal control and COVID-19 issues, along with other related matters. This course also presents a basic overview of auditing crypto assets and liabilities. It discusses cryptocurrencies and tokens and how these assets and liabilities should be recorded on the books. The course presents a basic overview of the fraud risks auditors may encounter when conducting remote audits. It discusses the risks and provides auditing procedures that can help to mitigate the risks. Finally, this course gives an overview of environmental, social, and governance (ESG) reporting requirements and standards and ESG’s impact on generally accepted auditing standards (GAAS) and attestation.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Publication Date: August 2022
Topics Covered
- AICPA Auditing Standards Update
- Risk Assessment Procedures and Related Activities
- The Entity's Internal Control
- Risks that Require Special Audit Consideration
- The Entity and It's Environment
- General Nature and Characteristics of Internal Control
- AU-C Section 700: Forming an Opinion and Reporting on Financial Statements
- Auditor's Report
- Auditor's Report Illustrations
- New Statements on Auditing Standards
- COVID-19: Going Concern, Emphasis of Matter, and Scope Limitations
- New Standards Approved by the AICPA
- Blockchain Terminology
- Cash versus Accrual
- Generally Accepted Auditing Standards
- Financial Statement Assertions
- Audit Planning
- Audit Guidance
- Crypto Asset Disclosures
- Internal Controls
- Substantive Testing
- Auditing Cryptocurrencies
- Risk Assessment
- Fraud Review
- Distribution of Data
- Sampling
- Audit Risk Model
- Data Analytics
- Fraud Theories
- Predication of Fraud
- Occupational Frauds
- Specific Fraud Risks
- Data Risks
- Environmental Issues
- Audit Impacts
- Attestation Impacts
- Reporting on Attestation Agreements
- Examination Report Examples
Learning Objectives
- Identify updates on internal controls and AICPA auditing standards
- Identify updates on internal control and audit reports
- Recognize internal control and COVID"19 issues
- Differentiate effective dates of Statements on Auditing Standards (SAS)
- Recognize the auditor's requirement relevant to understanding an entity's control activities
- Identify true statements regarding risk assessment procedures and internal controls
- Differentiate in what section of the auditor's report the auditor's opinion is under AU-C 700
- Describe the key audit matters paragraph in the auditor's report
- Recognize the changes included in SAS No. 142
- Identify financial reporting considerations related to subsequent events
- Identify the steps in an audit of crypto assets and liabilities
- Recognize audit procedures for auditing crypto assets and liabilities
- Define fraud and several fraud theories
- Recognize fraud risks that can arise when planning and conducting remote audits
- Identify audit procedures that can help to mitigate fraud risks
- Describe the basics of ESG for management and auditors in ESG engagements, including ESG requirements and standards
- Identify issues for present and future situations and engagements with ESG positions
- Recognize the impacts ESG has on generally accepted auditing standards (GAAS) and attestation
- Identify what an auditor needs to know about management's policies and procedures that are unique to climate-related matters
- Differentiate relevant AU-C sections and how they apply
- Describe examples of climate-related matters that could raise substantial doubt about an entity's ability to continue as a going concern
- Describe the requirements proposed by the Securities and Exchange Commission (SEC) for public companies
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (6 hours)
Program Prerequisites
None
Advance Preparation
None
