- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course provides an overview of audits of nonpublic companies, discusses pre-engagement activities, and examines audit documentation requirements. Lesson 1 begins with an introduction to the authoritative literature governing audits of nonpublic companies, form and structure of the Auditing Standards and organization of the AU-C sections. Lesson 2 examines client acceptance and continuance procedures, establishing the terms of the engagement, and the use of the engagement letter to limit liability. Lesson 3 discusses audit documentation, including requirements for and organization of audit workpapers, electronic (paperless) workpapers, and legal liability considerations.
Course Expiration Date: May 31, 2022
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify the authoritative literature and standards related to audits of nonpublic companies, and basic requirements for overall audit objectives.
Identify the procedures and requirements necessary to accept or continue a nonpublic company audit engagement, including independence considerations.
Determine the process for establishing the terms of a nonpublic company audit engagement and documenting those terms in the engagement letter.
Recognize how auditors use the engagement letter to effectively limit liability.
Identify the purposes and basic requirements of audit workpapers, the different types of workpaper schedules, and how workpapers should be organized and arranged.
Recognize other considerations related to workpapers, such as client access and retention, workpaper efficiencies, and procedures for electronic workpapers.
Recognize legal liability issues related to audit documentation.
Lesson 1—Authoritative Literature
Lesson 2—Pre-engagement Activities
Lesson 3—Audit Documentation