Auditing in the Modern Economy: Challenges and Opportunities

Overview

This course provides an overview of the latest auditing standards and techniques, with a focus on ethics, regulations, and ASB advancements. Participants will learn about the ethical and regulatory standards that auditors must follow, as well as the latest developments from the Auditing Standards Board (ASB). They will also gain the skills they need to be successful auditors, such as how to identify and mitigate fraud risk, how to communicate effectively with management and audit committees, and how to use technology to improve the efficiency and effectiveness of their audits.

This course is ideal for both experienced auditors who want to stay up-to-date on the latest standards and techniques, and for newcomers to the field who want to learn the fundamentals of auditing. By the end of the course, participants will have a deep understanding of the concepts and principles that underlie modern auditing, and they will be well-equipped to meet the challenges of the 21st century accounting environment.

Learning Objectives

After completing this course, students will be able to:

  • recognize 2023's economic challenges and their implications on business accounting post-COVID-19
  • identify ASC 275 disclosure requirements, changes in accounting standards, and issues with trade receivables and PPP loans
  • recall solutions for staffing challenges and enhancing audit efficiency, focusing on remote auditing and inventory-related practices
  • distinguish between GAAP's "going concern" terms and appropriate reporting methods in the COVID-19 context
  • define fraud elements, differentiate fraud types, and understand vulnerabilities in small businesses using the "Report to the Nations on Occupational Fraud and Abuse"
  • select auditor responses to fraud scenarios and the role of background checks and fraud hotlines in prevention
  • remember considerations and risks in auditing cryptocurrencies, with emphasis on FTX fraud
  • recognize auditor criticisms and implications from recent litigation, especially undetected fraud
  • identify post-COVID-19 audit engagement issues, including remote auditing and engagement letters

Designed For

CPAs, CMAs, CGMAs, CFOs, CEOs, employees, staff accountants, and anyone interested in obtaining an understanding of auditing issues.

Advanced Preparation

None

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information regarding WebCE administrative policies such as refunds, cancellations and concerns, please contact Support Services at 877-488-9308.

Find this course for your license:

License or Certification

Regulator

Type