Auditing and Assurance I
The financial statement audit under PCAOB and AICPA standards, from acceptance to the signed report: assurance and the roles of the PCAOB, AICPA and SEC, ethics, SEC independence and QC 1000 quality control, legal liability under Ultramares, Restatement Section 552, Section 11 and Section 10(b), planning and understanding the company under AS 2110, materiality and the audit risk model, internal control and the AS 2201 integrated audit under SOX 404(b), assertions and audit evidence, attribute and monetary unit sampling, auditing revenue, receivables, cash, payables, inventory and payroll, fraud, going concern and evaluating misstatements, and the auditor's report with critical audit matters under AS 3101, following one invented Nasdaq-listed retailer throughout.
ACCT-331 Year 3 3 credits 12 lessons · 5 h 49 min
Offered by HSM University · Accounting
This is the American version of this course. See the Canadian version.
What you'll learn
- Explain the purpose of an audit, the levels of assurance, and the roles of the PCAOB, the AICPA, the SEC and state boards.
- Apply the conceptual framework of threats and safeguards to independence and ethics problems, including non-audit services and partner rotation.
- Describe a firm's quality control system under QC 1000 and SQMS 1 and the role of the engagement quality review.
- Analyze auditors' legal liability to clients and third parties under state common law, Section 11 and Section 10(b).
- Evaluate client acceptance, plan an audit and perform preliminary analytical procedures to identify risk areas.
- Set overall materiality, performance materiality and a clearly trivial threshold, and apply the audit risk model.
- Evaluate internal control, test controls and grade deficiencies, including the integrated audit under AS 2201.
- Match audit procedures to assertions and evaluate whether evidence is sufficient and appropriate, including analytics and journal entry testing.
- Design and evaluate attribute and monetary unit samples, computing sample sizes and upper limits.
- Design substantive procedures for revenue, receivables, cash, purchases, payables, inventory and payroll.
- Evaluate fraud risk, going concern, subsequent events and accumulated misstatements, using quantitative and qualitative factors.
- Determine the appropriate auditor's report, including departures from an unqualified opinion and critical audit matters under AS 3101 and AS 3105.
Course content
12 lessons · 5 h 49 min total · final exam
- 1 Assurance and the role of the auditor: AICPA and PCAOB standards 30 min · quiz
- 2 Professional ethics, independence and quality management 30 min · quiz
- 3 Legal liability of auditors 27 min · quiz
- 4 Client acceptance, planning and understanding the entity 28 min · quiz
- 5 Materiality and audit risk 28 min · quiz
- 6 Internal control, the integrated audit and the response to assessed risks 29 min · quiz
- 7 Audit evidence and procedures 30 min · quiz
- 8 Audit sampling 29 min · quiz
- 9 Auditing revenue, receivables and cash 29 min · quiz
- 10 Auditing purchases, payables, inventory and payroll 28 min · quiz
- 11 Fraud, going concern and completing the audit 31 min · quiz
- 12 The auditor's report, critical audit matters and capstone 29 min · quiz
- E Final exam 20 questions
Requirements
Recommended background. You can start any course at any time.
Description
The financial statement audit under PCAOB and AICPA standards, from acceptance to the signed report: assurance and the roles of the PCAOB, AICPA and SEC, ethics, SEC independence and QC 1000 quality control, legal liability under Ultramares, Restatement Section 552, Section 11 and Section 10(b), planning and understanding the company under AS 2110, materiality and the audit risk model, internal control and the AS 2201 integrated audit under SOX 404(b), assertions and audit evidence, attribute and monetary unit sampling, auditing revenue, receivables, cash, payables, inventory and payroll, fraud, going concern and evaluating misstatements, and the auditor's report with critical audit matters under AS 3101, following one invented Nasdaq-listed retailer throughout.
Part of the Business stream, typically taken in year 3.