Auditing Standards Update

Overview

The objective of this course is to review the latest developments affecting audit engagements.

Part of planning an audit involves consideration of the business and economic environment in which the client operates. Thus, auditors need to be aware of the various types of fraud that clients and employees may be committing, especially considering myriad lawsuits against auditors and accountants. In addition to applying techniques to limit their liability to their clients and third parties, auditors are confronting other major problems facing the accounting field, including compliance with the Sarbanes-Oxley Act. The peer review comments and new auditing statements provide further guidance on current issues. To deal with the volatility in the business climate, auditors should focus their efforts in key areas and should take lessons from litigation. Additionally, in this course, auditors will learn how to perform more efficient engagements, understand the guidance found in SAS Nos. 131 to 133 and SSAE No. 18, and much more. The course focuses recalling, recognizing and identifying rules related to auditing standards including new developments pertaining to those standards.

Learning Objectives

Students who successfully complete this course will be able to:

  • identify when and how going concern factors need to be addressed, how to define “reasonable period of time” under SAS 132, the definition of “coverage ratio,” and when the liquidation basis of accounting should be used
  • recognize internal control issues and what an auditor should do about them: risk of management override, Sarbanes-Oxley requirements, technology, internal control deficiencies
  • identify issues with securities: new rules for accounting for securities (ASU 2016-01), exempt offerings covered by SAS No. 133, and why an entity might wish to go private
  • recall auditor risk issues: auditor liability, common pitfalls affecting litigation risk exposure and techniques to minimize their effect, dealing with the undesirable client, indemnification clauses, comfort letters
  • recognize fraud issues and what to do about them: the fraud triangle, reducing cheating, technology, and whistleblowers and their protections
  • recognize procedural and related factors in the auditing function: deficiencies in peer review, the need to increase audit efficiency (reduce time and cost, etc.), technology opportunities and challenges
  • recall which types of engagements should follow SSAE No. 18 attestation standards

Designed for

Auditing professionals in public practice and industry who wish to stay current on professional auditing standards

Prerequisites

General understanding of auditing standards

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