• Course Information
    4.4 (1128)

    Title: Auditing: The Latest Developments - 2021
    Category: Accounting and Auditing
    Field of Study: Auditing
    Course Code: A021-0253
    CPE Credits: 16.0
    Price: $99.95


The objective of this course is to address the latest developments affecting 2020 and 2021 audit engagements, including the impact of COVID-19 on audit engagements.

Topics include: addressing the auditor's consideration of the business and economic environment in which the client operates; accounting and auditing engagement issues during COVID-19 including the impact of the pandemic on an entity's ability to continue as a going-concern; client and employee fraud; specific accounting risks for auditors to consider; limiting auditor's liability; key audit focus areas during volatile times; lessons from litigation; efficiency engagements to reduce auditor time; various practice issues related to audits; dealing with DOL audits of employee benefit plans; and more.

Additionally, in this course, auditors will learn about the new auditor's report, auditing estimates and audit evidence guidance found in SAS Nos. 134-143, and the new attestation standards found in SSAE Nos. 19-22.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Steven C. Fustolo

Category: Accounting and Auditing

Field of Study: Auditing

Passing Score: 70%

Publication Date: 03/30/2021

Technical Details:

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Section 1:      
1. Identify an example of a concentration which might require disclosure
2. Recall the definition of near term
3. Identify the net operation loss rules under the CARES Act
4. Recognize a key characteristic of a multi-employer pension plan
5. Identify the most obvious approach to account for a PPP loan under GAAP
6. Recall how an entity should account for PPP loan forgiveness
7. Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory
8. Recognize an advantage of remote auditing
9. Recognize a behavioral trait of most occupational fraudsters
10. Recognize the difference between fraud and an error
11. Recall the three conditions of the fraud triangle
12. Identify common types of financial statement fraud noted by the FBI
13. Recognize an example of a misappropriation of assets
14. Identify an additional procedure required to deal with the risk of management override of internal controls
15. Recognize a factor to consider in evaluating going concern of an entity
16. Recall how an investment in equity security should be accounted for under GAAP
17. Recognize the new sales tax rules in the wake of the Wayfair decision
18. Recognize an example of a coverage ratio
19. Recall the timeframe within which most lawsuits against auditors occur
20. Identify a recommendation to tighten up auditor workpapers

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QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA, CMA

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