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Home > Accounting & Auditing > Auditing Update
Prerequisite
None
Knowledge Level
Basic
Copyright 2013

Publication Date
January, 2013
Auditing Update
Introduction Organization Learning Objectives Author Bios
Title: Auditing Update
Prerequisite: None
Advance Preparation: None
Knowledge Level: Basic
Subject Matter Area: Auditing
Date of Publication: January 2013
Copyright © 2013 by Bisk Education, Inc. All rights reserved.
Recommended CPE Credits: 16 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


This year's Auditing Update program provides a comprehensive review of the clarified auditing standards, starting with AU-C §200 all the way through AU-C §910. For audit engagements, the clarified auditing standards needed to be implemented in financial statement audits beginning with reporting periods ending on/after December 15, 2012. The update will also take a look at some compilation and review matters, such as the peer review process and required supplementary information.

Biskalert
The AICPA Professional Ethics Division issued Proposed Revised and New Interpretations and Proposed Deletion of Ethics Rulings on June 29, 2012. Comments to the exposure draft will be considered by PEEC at its October 25-26, 2012, open meeting and final changes to Interpretation 101-3 under Rule 101 are expected to take effect subsequent to that meeting. Additional changes pending affect Rules 501 and 502 and ethics rulings under Rules 102, 501, and 502. The exposure draft can be reviewed at:

http://www.aicpa.org/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2012juneomnibusproposalaicpaprofessionalethicsdivision.pdf

Use of Materials

DVD
The user should begin by watching the DVD segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.



This program is divided into five (5) chapters.

Chapter 1 reviews the content of AU-C §§200 through 265.

Chapter 2 reviews the content of AU-C §§300 through 450.

Chapter 3 reviews the content of AU-C §§500 through 585.

Chapter 4 reviews the content of AU-C §§600 through 910.

Chapter 5 reviews the peer review process and required supplementary information in relation to compilation and review engagement.


Helpful Guidance

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designation:

A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.



Upon successful completion of this program, the user should be able to:

  • Discuss some overall objectives that, when combined with objectives incorporated within each section of the clarified auditing literature, serve to replace the ten generally accepted auditing standards that were in play before the effective date of the clarified standards

  • Discuss practitioner responsibilities for agreeing upon the terms of audit engagements with management and, where appropriate, those charged with governance

  • Explain how quality control requirements serve to supplement overall quality control requirements in performing all levels of attest engagements

  • Explain the overarching documentation requirements that need to be satisfied

  • Discuss some of the new guidance designed to help practitioners understand their responsibilities to consider fraud in performing financial statement audits

  • Explain practitioner responsibilities for considering laws and regulations and how noncompliance with laws and regulations might result in misstatements in financial statements

  • Address practitioner responsibilities to communicate with those charged with governance and management in a financial statement audit

  • Discuss practitioner responsibilities to properly plan audit engagements

  • Identify and assess the risks of material misstatement in the financial statements through understanding the reporting entity and its environment, including internal control

  • Design and implement responses to the identified risks of material misstatement in the financial statements

  • Evaluate the effects of misstatements identified during financial statement audits and the effect of uncorrected misstatements

  • Explain what constitutes audit evidence and auditor responsibilities for designing and performing audit procedures to obtain sufficient appropriate evidence

  • Discuss the use of external confirmation procedures to obtain audit evidence

  • Explain auditor responsibilities for opening balances

  • Discuss the use of analytical procedures as substantive procedures in audit engagements, and use the use of audit sampling in performing audit procedures

  • Address auditor responsibilities for accounting estimates and disclosures in financial statement audits

  • Explain auditor responsibilities for related party relationships and transactions in financial statement audits, and subsequent events and subsequently discovered facts

  • Discuss practitioner responsibilities with respect to evaluating whether there is a substantial doubt about the ability of the reporting entity to continue as a going concern

  • Address auditor responsibilities for obtaining written representations from management and, when appropriate, those charged with governance

  • Explain what should be done when the auditor becomes aware that one or more auditing procedures deemed necessary in the circumstances existing at the time of the audit were omitted from the audit of the financial statements

  • Explain auditor responsibilities for performing group audits

  • Discuss auditor responsibilities for the work of individuals, including those within organizations, possessing expertise in a field other than accounting or auditing when that work is used to assist in obtaining sufficient appropriate audit evidence

  • Explain how an auditor should form an opinion on audited financial statements

  • Discuss when emphasis-of-matter (EOM) or other matter (OM) paragraphs are required to be included in audit reports, or when these types of paragraphs are added to reports using auditor judgment

  • Discuss auditor evaluations for consistencies in financial reporting between and among reporting periods, including changes to previously issued financial statements

  • Explain the new guidance associated with how auditors need to address other information and supplementary information accompanying audited financial statement

  • Discuss the significantly modified guidance for performing audits of financial statements prepared in accordance with special-purpose frameworks

  • Determine when restricted use alerts need to be added to written communications they prepare

  • Discuss particular audit issues when financial statements are prepared in accordance with a financial reporting framework generally accepted in another country

  • Discuss some issues that have been noted in peer reviews of compilation and review engagements

  • Explain some recently issued AICPA interpretive guidance addressing required supplementary information matters


Thomas Ratcliffe, PhD, CPA (TX), Senior Accounting and Auditing Technical Advisor at Warren Averett, LLC. He is Director Emeritus of the School of Accountancy at Troy University in Troy, Alabama. Dr. Ratcliffe teaches financial accounting courses as well as CPE courses for accountants in public accounting and industry. He is a former chair of the Accounting and Review Services Committee, as well as a former member of the Auditing Standards Board, the Audit Issues Task Force, and the PCFRC. (Author/Speaker)

J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, Inc., which helps businesses, accounting firms, and other organizations understand and implement technical accounting and auditing issues. The Madray Group, Inc. specializes in providing technical reviews, inspection services, and technical assistance to small and medium size accounting firms throughout the U.S. As an author, Mr. Madray is responsible for several of the profession's best-selling books. He also authors many of the AICPA's publications and is a frequent contributor to the Journal of Accountancy. In addition, he speaks to hundreds of groups each year on accounting and auditing topics and has made presentations in more than 40 states and several foreign countries. Mr. Madray has more than 20 years of professional experience, including 15 years in public practice. He is a past member of the AICPA's Accounting and Review Services Committee and a past member of the Board of Directors of the South Carolina Association of CPAs. In 1996, he formed The Madray Group to support and facilitate the range of services offered by CPAs to their clients and to assist CPA firms in meeting the changing needs of their profession. (Speaker)



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Qty. FormatCreditsProduct # Unit Price Ext Price
2876 Online16ONL5506 $179.00
2878 TextBooks14CPE5501B $159.00
2884 Video DVD16CPE5501DQ $249.00
 
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