Auditing and Assurance II
Advanced auditing and other assurance and related services, following one invented Denver food group listed on the Nasdaq and its auditor: quality management under SQMS 1, SQMS 2 and PCAOB QC 1000, group audits under PCAOB standards and SAS 149 with component performance materiality and aggregation risk, component and other auditors and the consolidation, IT general controls and information produced by the entity, service organizations and SOC reports, integrated audits of ICFR under AS 2201 and the evaluation of control deficiencies, accounting estimates, going concern and specialists, completing the audit and critical audit matters, reviews under AR-C 90, preparation and compilation engagements under AR-C 70 and AR-C 80, special purpose and single-statement audits, attestation engagements, agreed-upon procedures, greenhouse gas and sustainability assurance, and SEC and AICPA independence.
ACCT-431 Year 4 3 credits 12 lessons · 5 h 26 min
Offered by HSM University · Accounting
This is the American version of this course. See the Canadian version.
What you'll learn
- Explain how a firm's system of quality management under SQMS 1, SQMS 2 and PCAOB QC 1000 supports engagement quality, and use monitoring results and root cause analysis to identify deficiencies.
- Plan a group audit by understanding the group, determining components and the work at each, and setting group and component performance materiality with regard to aggregation risk.
- Direct, supervise and review component auditors, audit the consolidation process, and determine how the auditor's report deals with the work of other auditors.
- Evaluate the IT environment and general IT controls over access, program changes and operations, and assess the reliability of information produced by the entity.
- Use service organization reports, including Type 2 reports, bridge letters and complementary user entity controls, as audit evidence.
- Perform the core steps of an integrated audit of ICFR under AS 2201 and evaluate the severity of control deficiencies.
- Audit accounting estimates by testing management's process or developing a range, evaluate going concern with stress tests, and use the work of specialists.
- Complete an audit by evaluating subsequent events, written representations, other information and misstatements, and determine the content of the auditor's report.
- Plan and perform a review engagement under AR-C 90 using precise expectations, and issue an appropriate review report.
- Choose between preparation and compilation engagements under AR-C 70 and AR-C 80 and meet their reporting and independence requirements.
- Distinguish special purpose, single-statement, summary statement, other assurance, agreed-upon procedures and greenhouse gas engagements, and describe the developing standards for sustainability assurance.
- Apply independence requirements to assurance engagements and integrate the course into a planning memorandum for a group audit.
Course content
12 lessons · 5 h 26 min total · final exam
- 1 Quality management at the firm level: SQMS 1, SQMS 2 and QC 1000 33 min · quiz
- 2 Group audits I: scope, components and materiality 29 min · quiz
- 3 Group audits II: component auditors, consolidation and reporting 26 min · quiz
- 4 The IT environment and IT general controls 29 min · quiz
- 5 Service organizations and SOC reports 26 min · quiz
- 6 Integrated audits of internal control over financial reporting 27 min · quiz
- 7 Accounting estimates, going concern and the use of specialists 27 min · quiz
- 8 Completing the audit: subsequent events, representations and reporting judgments 26 min · quiz
- 9 Review engagements under AR-C 90 26 min · quiz
- 10 Compilation and preparation engagements 25 min · quiz
- 11 Special reports, other assurance and sustainability assurance 25 min · quiz
- 12 Independence, audit quality and capstone: planning the group engagement 26 min · quiz
- E Final exam 20 questions
Requirements
Recommended background. You can start any course at any time.
Description
Advanced auditing and other assurance and related services, following one invented Denver food group listed on the Nasdaq and its auditor: quality management under SQMS 1, SQMS 2 and PCAOB QC 1000, group audits under PCAOB standards and SAS 149 with component performance materiality and aggregation risk, component and other auditors and the consolidation, IT general controls and information produced by the entity, service organizations and SOC reports, integrated audits of ICFR under AS 2201 and the evaluation of control deficiencies, accounting estimates, going concern and specialists, completing the audit and critical audit matters, reviews under AR-C 90, preparation and compilation engagements under AR-C 70 and AR-C 80, special purpose and single-statement audits, attestation engagements, agreed-upon procedures, greenhouse gas and sustainability assurance, and SEC and AICPA independence.
Part of the Business stream, typically taken in year 4.