- NY Credits : 8.0
- TX Credits : 8.0
Financial statement audits are increasingly complex for both professional accountants and the entities being audited. The professional and regulatory standards that independent auditors must follow are more stringent than ever. In addition, management is being forced to assume greater and greater responsibility for the reliability of financial statements, while more closely monitoring the services provided by the auditors. While auditors have a multitude of resources and tools to guide them through the audit process, very little support is available to management and other personnel on the audited entity side.
This program is a practical guide for better understanding and monitoring financial statement audits written from the perspective of the audited entity. Keep in mind that while this course is technically accurate, certain topics are not explored to the depth they would be if this course were written with the primary audience being financial statement auditors.
Upon successful completion of this course, the user should be able to:
describe the primary standard setters and regulatory bodies,
explain the concepts of materiality and reasonable assurance,
discuss the differences of compilations, reviews, and audits,
discuss the AICPA Code of Professional Conduct and its components,
list the threats to independence,
list the types of risks that can be encountered during an audit,
identify the most common framework for designing and maintaining a sound system of internal controls, and
discuss the impact of significant deficiencies and/or material weaknesses have on an audited entity.