Course Information

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, and changes made to the auditor’s understanding of the entity, its environment, and risk assessment procedures, and the guidance on using the work of specialists as audit evidence. These changes are found in newly issued SAS Nos. 134-145 and the new attestation standards found in SSAE Nos. 19-22.

Section 1: 1. Identify an example of a concentration which might require disclosure 2. Recall the definition of near term 3. Identify the most obvious approach to account for a PPP loan under GAAP 4. Recall how an entity should account for PPP loan forgiveness 5. Identify a scenario in which it would be impracticable for an auditor to attend a physical inventory 6. Recognize an advantage of remote auditing 7. Recognize a behavioral trait of most occupational fraudsters 8. Recognize the difference between fraud and an error 9. Recall the three conditions of the fraud triangle 10. Identify common types of financial statement fraud noted by the FBI 11. Recognize an example of a misappropriation of assets 12. Identify an additional procedure required to deal with the risk of management override of internal controls 13. Recognize a factor to consider in evaluating going concern of an entity 14. Recall how an investment in equity security should be accounted for under GAAP 15. Recognize the new sales tax rules in t