| Title: |
Practice Alert 2004-01 on Illegal Acts (ONL0048) |
| Prerequisite/Advanced Prep: |
None |
| Knowledge: |
Basic |
| Field of Study: |
Accounting |
| Date of Publication: |
June 2005 |
| Copyright: |
© 2005 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
1 QAS/Registry (based on 50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
Illegal acts and fraud are not the same thing, and are covered by two different auditing standards—SAS No. 53 and 54. The Professional Issues Task Force issued a practice alert on SAS No. 54 (illegal acts) to help practitioners in implementing this standard.
Note: Reporting of CPE credit to a CPA’s state board is the responsibility of the CPA. Subscribers to CPE Network Accounting & AUditing Report may not receive duplicate credit for this material, which previously aired in the June 2005 edition of this program.
This text is divided into three chapters:
In Chapter 1, Tom Ratcliffe, PhD, CPA, discusses SAS No. 54 on illegal acts and implementation guidance from the Professional Issues Task Force in the form of a practice alert.
Chapter 2 contains a review of Practice Alert 2004-1.
Chapter 3 contains review problems that help illustrate the topics covered in Chapters 1 and 2.
Tom Ratcliffe, PhD, CPA, is Director of the School of Accountancy, and an Eminent Scholar in the Department of Accounting and Finance at Troy University in Troy, Alabama. Dr. Ratcliffe serves as a consultant to several CPA firms in Montgomery, Alabama, but is Scholar in Residence for Wilson Price.