- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course provides an overview to the procedures and communication required by an auditor when concluding the audit of a nonpublic company. Lesson 1 reviews the authoritative literature that provides auditors guidance in concluding an audit. This lesson also addresses commitments, contingencies and liabilities, lawyer's letter, written representations, subsequent events review, and related-party transactions. Finally, the lesson provides guidance on evaluating an entity as a going concern, reevaluating the risk of material misstatement at the conclusion of the audit, and the purpose of analytical procedures at the final review stage. Lesson 2 covers the documentation required when completing an audit and the requirements for preparing and drafting an auditor's report. In addition, Lesson 2 covers the necessary communication between the auditor, management of the client, and those charged with governance.
Course Expiration Date: April 30, 2020
Please note, the grading fee for answer sheets submitted by regular mail is $109.
Identify the authoritative literature related to concluding an audit of a nonpublic company and how to address commitments, contingencies, and liabilities within the financial statements.
Recognize the audit procedures related to lawyer's letters, management representation letters, subsequent events review, and related parties in the audit of a nonpublic company.
Determine the considerations for an entity to be evaluated as a going concern, the disclosures and audit procedures required for risks and uncertainties, and evaluating accounting estimates and fair value.
Identify the auditor procedures to reevaluate the risk of material misstatement at the conclusion of the audit and identify the purpose of analytical procedures in the final review stage,
Identify the categories for the evaluation and summarization of the misstatements discovered in fieldwork.
Determine the auditor's obligations in relation to drafting the financial statements and preparing the auditor's report.
Lesson 1-Procedures and Considerations for an Auditor When Concluding an Audit
Lesson 2-Preparing and Drafting an Auditor’s Report and the Required Communication with the Client