TOP AUDITING ISSUES FOR 2013 - CCH

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Introduction v Quizzer. This course is divided into four Modules. Take your time and review all course Modules. When you feel confident that you thoroughly understand the material, turn to the CPE Quizzer. Complete one, or all, Module Quizzers for continuing professional education credit. Go to CCHGroup.com/PrintCPE to complete your CPE Quizzers online for immediate results and no Express Grading Fee. Further information is provided in the CPE Quizzer instructions on page 187. September 2012 Perry M. Henderson, CPA, MPA CCH’S PLEDGE TO QUALITY Thank you for choosing this CCH Continuing Education product. We will continue to produce high quality products that challenge your intellect and give you the best option for your Continuing Education requirements. Should you have a concern about this or any other CCH CPE product, please call our Customer Service Department at 1-800-248-3248. COURSE OBJECTIVES This course was prepared to provide the participant with: Intermediate and overview level coverage of the new GAO Yellow Book pertaining to independence, financial audits, and performance audits Basic and overview level discussion of practical implementation issues in compilation, review, and audit engagements, and basic level summaries of the principles underlying an audit under the AICPA’s clarified and redrafted standards, and the new hierarchy of professional standards Summaries of three specific clarified and redrafted auditing standards on a basic level, which will be of interest to firms dealing with foreign GAAP financial statements, supplementary information, or reviews of interim financial information Digested coverage, on an overview level, of: Significant changes between previous auditing standards and the new Codification of Statements on Auditing Standards (Clarified), along with practical guidance for working with and smoothly implementing this new body of standards The structure and content of the updated COSO Internal Control— Integrated Framework The clarified and redrafted standard on Reporting on Compliance with Contractual Agreements or Regulatory Requirements, on a basic level
vi TOP AUDITING ISSUES FOR 2013 CPE COURSE Upon completion of this course, the reader should be able to: Define the categories of independence listed in Government Auditing Standards and explain the application of the conceptual framework approach to independence List the safeguards contained in the conceptual framework Explain how to evaluate the effects of nonaudit services on auditor independence List prohibited nonaudit services Identify and explain the additional requirements of Government Auditing Standards for financial audits that go beyond the requirements of generally accepted auditing standards Identify changes to previous standards related to performance audits Determine required procedures to apply during the field work in performance audits Identify and explain documentation and reporting requirements for performance audits Recognize the two new key elements for compilation and review reports under SSARS 19 Explain the requirements for obtaining an understanding with management in compilation and review engagements List the minimum required management representations in a review engagement Describe the attributes of properly documented analytical procedures Explain the purpose of an audit and the premises on which an audit is conducted Distinguish between the responsibilities of the entity’s management and those of the auditor in conducting an audit Explain the concept of reasonable assurance Define the levels of accounting guidance as determined by the Financial Accounting Standards Board (FASB) Explain the practitioner’s responsibilities for applying guidance contained in the various levels of auditing, attestation, and compilation and review literature Distinguish the authoritative levels of auditing, attestation, and compilation and review publications Recognize current auditing standards implementation issues facing the profession Describe the effects on auditing practice of certain recent changes in professional standards Explain the causes of certain auditing standards implementation problems, and their possible solutions Explain the applicability of U.S. generally accepted auditing standards and other auditing standards to engagements to audit foreign GAAP financial statements Explain the auditor’s responsibilities in reporting on foreign GAAP financial statements
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69 MODULE 2: IMPLEMENTATION ISSUES
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INDEX 179 Auditor’s versus manage
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INDEX 183 Management participation
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INDEX 185 Review standards interpre
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CCH LEARNING CENTER At CCH, we reco
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