- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses concluding the audit of a local government. Lesson 1 looks at general audit procedures applied during an audit (other than those related to specific financial statement elements). Lesson 2 covers other parts of completing the audit, such as considering the accumulated results of audit procedures, performing analytical procedures in the final stage of the audit, reviewing workpapers, and other summarizations and evaluations. Lesson 3 discusses drafting the financial statements and auditor’s report, communications made at the conclusion of the audit, management letters, ESMs, and discovery of matters after the report date.
Course Expiration Date: April 30, 2022
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify authoritative literature related to concluding the audit and general procedures for commitments, contingencies, litigation, claims, and assessments.
Identify general procedures for subsequent events review, related party transactions, going concern, accounting estimates, and obtaining written representations.
Identify steps for considering accumulated results of audit procedures, analytical procedures in concluding the audit, and reviewing workpapers.
Recognize issues on uncorrected misstatements and evaluating accumulated results of audit procedures.
Identify requirements for drafting the financial statements and auditor’s report, and communicating internal control related matters.
Assess issues related to communicating with those charged with governance, communication of fraud and violations of laws and regulations, requirements for preparing management letters and the ESM, and courses of action for subsequent discovery of matters after the report date.
Lesson 1—General Audit Procedures
Lesson 2—Additional Steps for Completing the Audit
Lesson 3—Drafting, Communication, and Subsequent Discoveries