Top Accounting and Auditing Issues for 2025 CPE Course: Module 2
Author: Kelen Camehl, Robert K Minniti, Susan Harper
| CPE Credit: |
5 hours for CPAs |
This five CPE hour course reviews top auditing issues: auditing cryptocurrency, audit and compliance, and financial statement fraud.
This course offers practical advice to auditors on conducting an audit of crypto assets and liabilities. It reviews the steps for planning the audit, testing internal controls over crypto assets and liabilities, conducting analytical procedures, and performing substantive testing. It provides an overview of how artificial intelligence (AI) is used in audits and compliance tasks. It discusses how AI helps auditors identify risks by analyzing large amounts of data and setting materiality thresholds based on historical data and industry standards. It also addresses how AI tools can also automate audit procedures like data analysis and testing and how AI can detect anomalies and fraud by spotting unusual patterns in financial data and transactional records. Lastly, it explores financial statement fraud, its associated costs, and the reasons this type of fraud is often committed. It discusses how to address fraud schemes, the red flags associated with financial statement fraud, and the consequences of committing such fraud.
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: December 2024
Topics Covered
- Blockchains
- Cryptocurrency
- Crypto Terminology
- Audit Requirements
- Audit Planning
- Guidance
- Internal Controls
- Substantive Testing
- Risk Assessment
- Sampling
- Role of AI in Audit Planning and Risk Assessment
- Risk Identification
- Materiality Determinations
- Automating Audit Procedures with AI-Driven Tools
- Detection of Anomalies and Fraud Using AI Techniques
- Compliance Monitoring and Regulatory Reporting with AI
- Best Practices for Implementing AI Tools
- What is Financial Statement Fraud?
- Costs of Financial Statement Fraud
- Reasons Financial Statement Fraud is Committed
- Trends in Financial Statement Fraud
- Fraud Schemes and Associated Red Flags
- Methods of Detection
- Interviews Involving Financial Statement Fraud
- Preventing Financial Statement Fraud
- Consequences of Committing Financial Statement Fraud
Learning Objectives
- Identify audit procedures for auditing crypto assets and liabilities
- Explain basic terms related to cryptocurrency
- Identify new cryptocurrency requirements as of December 15, 2024
- Recognize what is considered to be a fiat stable coin
- Describe AI’s role in audit planning and risk assessment
- Identify how AI can automate audit procedures
- Recognize AI techniques for detecting anomalies and fraud during audits
- Identify AI’s application in compliance monitoring
- Identify the pressures, opportunities, and rationalizations that lead to financial statement fraud
- Recognize fraud schemes involving financial statements
- Identify financial statement fraud with appropriate analysis and interviews
- Describe how to prevent financial statement fraud
- Identify the consequences of committing financial statement fraud
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (5 hours)
Program Prerequisites
None
Advance Preparation
None
