- NY Credits : 15.0
- TX Credits : 15.0
The latest developments affecting audit engagements are addressed in this course. 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 the myriad of 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 auditing profession, 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 through 131 and new SSAE No. 18. This course focuses on recalling, recognizing and identifying rules related to auditing standards including new developments pertaining to those standards.
Upon successful completion of Auditing Developments, the user should be able to:
recognize the implications of the current economic issues peculiar to auditors including cases of fraud and litigation;
determine the alternatives for limiting an auditor’s' liability and the viability of the Big Four firms;
recognize the impact of Enron, Sarbanes-Oxley, and Dodd-Frank on auditors;
identify going concern issues as well as the top technology issues identified by the AICPA;
recognize the peer review process;
identify developments in the practice of accounting and auditing in volatile times
recognize how to run efficient engagements and deal with practice issues relating to auditing;
recall the impact of the DOL and audits of employee benefit plans;
recognize the ASB agenda the six-point plan to improve audits;
recognize auditor-provided tax services; and
recall the major changes made to auditing standards as a result of SAS Nos. 128 through 131.