- NY Credits : 8.0
- TX Credits : 8.0
This interactive self-study course discusses elements of performing an audit engagement for a homeowners' association or another type of common interest realty association (CIRA). Lesson 1 discusses performing substantive procedures. Lesson 2 takes a look at the concluding procedures phase of this type of audit engagement.
Course Expiration Date: October 31, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify the substantive procedures that are required for every audit and the different types of substantive procedures: tests of details and substantive analytical procedures.
Determine how to perform substantive audit procedures for CIRAs.
Identify how an auditor should address commitments and contingencies, accounting estimates and fair value, subsequent events, related parties, and going concern considerations at the conclusion of a CIRA audit.
Determine what makes up the management representation letter, how to deal with the accumulated results of audit procedures, when to use analytical procedures, appropriate timing for workpaper reviews, and what summarization and evaluation is needed at the conclusion of a CIRA audit engagement.
Recognize best practices for drafting financial statements and the auditor's report.
Lesson 1—Performing Substantive Procedures
Lesson 2—Concluding the Audit