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In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Fraud auditing is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets. This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

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In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

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Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

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Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)
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Suggested Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Fraud auditing is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets. This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

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Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency and material weakness.

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In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

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Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

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Assessing Audit Risk and Materiality (2 Hrs)
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Similar Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Fraud auditing is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets. This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

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In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

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Suggested Courses

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Fraud auditing is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets. This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

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Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency and material weakness.

Auditing - Verifying Internal Controls (3 Hrs)

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

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Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

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Every audit requires planning. Audit planning requires evaluating materiality and risk. Both materiality and risk evaluation require judgement from the auditor because both concepts directly impact the auditor's planned audit evidence. Materiality is important because the auditor provides assurance to financial statement users that the financial statements are free of material misstatements. This requires the auditor to develop a preliminary judgment about materiality when planning the audit, which will provide the basis for that important assurance. In addition, the auditor must consider risk to effectively address the most appropriate risks for each engagement. The auditor's understanding of the entity and its environment, including its internal control, provide a basis for the auditor's assessment of the risk of material misstatement. Using the audit risk model and tolerable misstatement for each account, the auditor determines the audit evidence needed to achieve an acceptable level of audit risk for the engagement. 

Assessing Audit Risk and Materiality (2 Hrs)
Course Details

The Compilation and Review Standards - SSARS Nos. 21-26 (Course Id 1651)

Updated / QAS / Registry
  Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 178 ||| Word Count: 70,722 ||| Review Questions: 65 ||| Final Exam Questions: 60
CPE Credits : 12.0
IRS Credits : 0
Price : $103.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1651
Description :

The purpose of this course is to inform the reader of the various changes made to the compilation and review codification by SSARS No. 21 as amended by SSARS No. 22, Compilation of Pro Forma Financial Information, SSARS No. 23, Omnibus Statement on Standards for Accounting and Review Services- 2016, and SSARS No. 24, Omnibus Statement on Standards for Accounting and Review Services- 2018, SSARS No. 25, Materiality in a Review of Financial Statements and Adverse Conclusions,  and SSARS No. 26:  Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services.

The course addresses the three types of engagements that can be performed under the SSARSs: a preparation of financial statements engagement, a compilation engagement, and a review engagement. 

Usage Rank : 16250
Release : 2024
Version : 1.0
Prerequisites : General understanding of compilation and review standards.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Accounting Standard Definition: How It Works
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 26-Apr-2024
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - 1651
Keywords : Auditing, Compilation, Review, Standards, SSARS, Nos, 21-26, cpe, cpa, online course
Learning Objectives :

Section I
Overview of the New Standards

&

Section II
AR-C Section 60- General Principles for SSARSs

After reading the Sections I and II course material, you will be able to:
  • Identify some of the changes in SSARS No. 21, as amended by SSARS No. 23, that are (and are not) carried over from auditing standards
  • Identify engagement types that are (and are not) authorized under SSARS No. 21

Section III
AR-C Section 70- Preparation of Financial Statements

After reading the Section III course material, you will be able to:
  • Recall whether the preparation of financial statements standard is an attest or nonattest service
  • Recognize the term that is assigned to engagements performed on the cash, tax and regulatory bases of accounting
  • Recall whether a preparation engagement under AR-C 70 is subject to peer review
  • Identify whether a report is required in a preparation of financial statements engagement under AR-C 70
  • Recognize what the reporting requirements are, if any, when a "no assurance" legend is omitted from prepared financial statements under the AR-C 70 standards
  • Recognize an acceptable location in which to place the description of a special purpose framework in a preparation of financial statements engagement
  • Identify where to disclose GAAP departures in a preparation of financial statements engagement
  • Recognize whether an accountant and a client must sign an engagement letter for a preparation of financial statements engagement under AR-C 70

Section IV
AR-C Section 80- Compilation Engagements

After reading the Section IV course material, you will be able to:
  • Recall the objective of a compilation engagement under AR-C 80 of SSARS No. 21
  • Identify some of the safeguards that must be in place in order for an accountant to perform a nonattest service for an attest client
  • Identify some procedures that must be performed in a compilation engagement under AR-C 80 of SSARS No. 21
  • Recognize some of the changes made to the compilation report under SSARS No. 21 including those related to special purpose frameworks and GAAP departures, among others
  • Identify how an accountant should report on a disclaimer of supplementary information in a compilation engagement

Section V
AR-C Section 90: Review of Financial Statements

After reading the Section V course material, you will be able to:
  • Recognize the type of information on which an accountant may or may not perform a review engagement under AR-C 90
  • Identify requirements to be satisfied to perform a review engagement under AR-C 90
  • Identify the date as of which management representations should be made in a management representation letter for a review engagement
  • Recognize an appropriate title that can be used for a review report under SSARS No. 21
  • Identify the order in which certain report paragraphs should be placed in the review report
  • Recognize the definition of a reasonable period of time in evaluating going concern
  • Recall some of the items that should be documented in a review engagement

Section VI
SSARS No. 26: Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services

&

Section VII
AR-C Section- Special Considerations-International Reporting Issues

After reading the Section VI and VII course material, you will be able to:
  • Identify which party is responsible for determining that engagement team members have appropriate competence and capabilities to perform a SSARS engagement.
  • Identify one of the requirements required by SSARS No. 24 when reporting on an international financial reporting framework.
Course Contents :

Section I - Overview of the New Standards

A.  Issued

B.  Effective Date

C.  Objective

D.  Background

Section II - AR-C Section 60- General Principles for SSARSs

A.  Introduction

B.  Key Changes Made in AR-C 60

C.  Definitions

D.  Requirements for Performing SSARS Engagements

Review Questions

Section III - AR-C Section 70- Preparation of Financial Statements

A.  Effective Date

B.  Introduction

C.  Scope of AR-C 70

D.  Definitions

E.  Summary of a Preparation of Financial Statements Engagement

F.  General Rules -Preparation Engagement Under AR-C 70

G.  Specific Rules for Preparing Financial Statements per AR-C 70

H.  Documentation in a Preparation Engagement

I.  Engagement Letter- Preparation of Financial Statements Engagement

J.  Exhibit —Illustrative Engagement Letters - Preparation Engagement

K.  Illustrative Financial Statements -AR-C 70

L.  Preparation of Personal Financial Statements

Review Questions

Section IV - AR-C Section 80- Compilation Engagements

A.  Introduction

B.  Effective Date

C.  Scope of AR-C 80- Compilation Engagements

D.  Objective of a Compilation Engagement

E.  Definitions

F.  Requirements- Compilation Engagements- AR-C 80

G.  Engagement Letter- Compilation

H.  Performing a Preparation Engagement at Interim- Independence Issues

I.  Entity’s Financial Reporting Framework-Compilation Engagement

J.  Compilation Procedures

K.  The Accountant’s Compilation Report

L.  Elimination of Management-Use Only Financial Statements

M.  Examples of the Accountant’s Compilation Reports on Financial Statements

N.  Documentation in a Compilation Engagement

O.  Change from an Audit or Review Engagement to a Compilation Engagement

P.  Compilation of Personal Financial Statements

Review Questions

Section V - AR-C Section 90: Review of Financial Statements

A.  Introduction

B.  Scope of AR-C 90- Review Engagements

C.  Effective Date

D.  Objective

E.  Definitions

F.  Requirements for Performing a Review Engagement Under AR-C 90

G.  Illustrative Engagement Letters

H.  Communication with Management and Those Charged with Governance

I.  Understanding of the Industry

J.  Knowledge of the Entity

K.  Designing and Performing Review Procedures

L.  Materiality in a Review Engagement   (NEW per SSARS No. 25)

M.  Analytical Procedures

N.  Inquiries of Management   (NEW per SSARS No. 25)

O.  Reading the Financial Statements

P.  Related Party Transactions

Q.  Using the Work of Others and Other Accountants

R.  Additional Procedures When the Accountant Becomes Aware That the Financial Statements May Be Materially Misstated   (NEW per SSARS No. 25)

S.  Reconciling the Financial Statements to the Underlying Accounting Records

T.  Evaluating Review Evidence Obtained from the Procedures Performed

U.  Written Representations in a Review Engagement

Review Questions

V.   Reporting on the Financial Statements

W.  Going Concern in a Review Engagement

X.   Fraud and Noncompliance With Laws or Regulations

Y.  Review Documentation

Review Questions

Section VI - SSARS No. 26: Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services

A.  General

B.  Overview of SSARS No. 26

C.  SSARS No. 26 Amendments to AR-C 60 of SSARS No. 21:

D.  Changes made to AR-C 60 regarding Quality Management of a SSARS Engagement

E.  SSARS No. 26 Amendments to AR-C 70 - Preparation of Financial Statements

F.  SSARS No. 26 Amendments to AR-C 80 - Compilation Engagements

G.  SSARS No. 26 Amendments to AR-C 90 - Review of Financial Statements

H.  SSARS No. 26 Amendment to AR-C 90 - Review of Financial Statements-  Engagement Letter

Review Questions

Section VII - AR-C Section- Special Considerations—International Reporting Issues

Review Questions

Glossary
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