Staff Training — Level I

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Staff Training — Level I On-Demand Series (159481)
Recommended CPE Credit: 20.5
Regular/AICPA Member:$373.75/$299.00

Professional Skepticism and Maintaining the Public Trust (150021)
Recommended CPE Credit: 3
Regular/AICPA Member:$111.25/$89.00

In this course, you will benefit from the experience of other auditors as you listen to their war stories and participate in an interactive video based on a real-life case. You'll discover what they did wrong and what they did right and learn to look at particular areas of susceptibility with revenue, receivables, loans, and contingent liabilities.

You'll learn the three traits of skepticism and that your allegiance is not to the kindly gentleman who runs the business, but is to his banker. Your allegiance is not to the ornery general partner who asks you every day when you are going to be done, but is to the elderly woman who invested her life savings in a limited partnership interest. Your allegiance is not to the owner of the local software company who wants to sell out to the big boys, but to the big boy who will be buying.

Objectives:

• Explain the court's view of an auditor's responsibility to third-party financial statement users
• Analyze the elements of a skeptical attitude
• Identify the elements of professional skepticism when evaluating audit evidence, performing audit procedures, and making client inquiries.

Prerequisite: One to ten months of public accounting experience

Fraud Detection (150031)
Recommended CPE Credit: 3
Regular/AICPA Member:$111.25/$89.00

Through interactive exercises and case studies and dramatic videos of client interviews and brainstorming sessions, you will be able to fulfill your professional requirements. At the end of the course, you will know which questions to ask: which elements of the fraud risk triangle are present at your client. For example, how would an employee be motivated or provided with an opportunity to commit fraud? What steps can you take to be a valuable contributor to the next audit team brainstorming session you participate in? Which audit procedures that you typically perform would be effective at detecting fraud? While performing these procedures and evaluating results, has it ever occurred to you that a fraud could be occurring in the area you are auditing?

Objectives:

• Recognize your responsibilities for detecting fraud in a GAAS audit.
• Describe an overall framework for detecting material financial misstatements caused by fraud.
• Participate effectively in an engagement team fraud brainstorming meeting.
• Use the fraud triangle to identify possible fraud risks.
• Link audit tests to identified fraud risks

Prerequisite: One to ten months of public accounting experience

Risk Assessment and Introduction to Internal Control (150091)
Recommended CPE Credit: 2
Regular/AICPA Member:$73.75/$59.00

The first course in a series on the risk assessment auditing standards gives you an overview of the risk assessment process, the key requirements of the new standards, and how these standards differ from previous requirements. To illustrate these key concepts, this course includes a case study based on a fictitious company. (You can continue to learn about the risk assessment standards with two courses in Level II.)

Objectives:

• Understand the key steps involved in assessing and responding to risk in a financial statement audit.
• Apply a working knowledge of key definitions and concepts necessary to implement the risk assessment standards

Prerequisite: One to ten months of public accounting experience

Audit Documentation (150041)
Recommended CPE Credit: 3
Regular/AICPA Member:$111.25/$89.00

Auditing standards relating to audit documentation have gotten stricter. Auditors are now required to document specific items that they were not required to document in the past. Additionally, there is an emphasis on completing audit documentation in a timely fashion.

This course offers an overview of the latest audit documentation guidance, including SAS 103, and discusses many common practice issues faced by practitioners. In addition, the audit documentation requirements of the GAO are discussed.

Objectives

• Identify guidance relevant to audit documentation
• Explain the purpose of audit documentation
• Apply the fundamental principles of audit documentation
• Analyze common practice issues
• Identify GAO audit documentation requirements

Prerequisite: One to ten months of public accounting experience

Auditing Cash (150051)
Recommended CPE Credit: 3
Regular/AICPA Member:$111.25/$89.00

This course gives you the guidance you need to audit cash. Testing the bank reconciliation is the primary test of cash. Through a comprehensive case study and interactive exercises, you will practice thoroughly testing each component of the reconciliation.

You will see the importance of spending the time to understand the accounting system and related controls in this area and be able to generate valuable management letter comments. You'll learn how to take the proper steps to work with the client to obtain all the records, schedules, and other information that you need to do your job.

Through a valuable series of tips, you'll be prepared to keep your eyes open for signs of possible problems such as unusual or unexplained reconciling items on the bank statement and for items such as restricted cash balances that require disclosure or the possibility that the client has written but not distributed certain checks as of the balance sheet date.

Objectives

• Match audit procedures typically performed in the cash area to stated audit objectives.
• Effectively review the accounting system and controls over cash transactions and identify weaknesses and possible solutions.
• Properly test client's bank reconciliation and perform other substantive tests in the cash area.
• Avoid common audit inefficiencies and oversights.

Prerequisite: One to ten months of public accounting experience

Auditing Fixed Assets (150061)
Recommended CPE Credit: 2.5
Regular/AICPA Member:$73.75/$59.00

The basic accounting for fixed assets is fairly straightforward, but you have to be alert for unusual or complex transactions, such as exchanges, capitalized interest, or sale-leasebacks. Do you actively look for "events or changes in circumstances" that indicate an asset may be impaired? Do you communicate with other audit team members about possible signs of impairment they might have observed in their audit areas? Do you carefully scrutinize the underlying documentation for fixed assets to be sure that the costs should be capitalized and not expensed?

After completing this course, you will answer yes to all those questions. In addition, you'll learn tips for making the preparation of the tax return as efficient as possible. When performing your audit work, you'll make sure you gather all the information necessary to complete the related tax return areas. Through interactive exercises and case studies, you'll practice applying the effective and efficient procedures contained in this course for auditing fixed assets.

Objectives:

• Match the audit procedures typically performed in the fixed asset area to the stated audit objectives and relevant assertions.
• Properly test fixed asset additions and retirements.
• Efficiently test depreciation expense and accumulated depreciation.
• Identify possible fixed asset impairment losses.
• Avoid common audit inefficiencies and oversights when auditing fixed assets.

Prerequisite: One to ten months of public accounting experience

Auditing Accounts Payable and Accrued Expenses (150071)
Recommended CPE Credit: 2
Regular/AICPA Member:$73.75/$59.00

In this course you'll learn the importance of understanding the accounting systems related to purchases, payables, and accrued expenses - an understanding necessary to plan your procedures.

Through an interactive case study, you'll practice the critical substantive test and be able to assess if your search for unrecorded liabilities thorough enough to catch all material unrecorded liabilities.

Objectives

• Match the audit procedures typically performed in the accounts payable and accrued expenses areas to the stated audit objectives and related assertions.
• Effectively review the accounting system and internal control over accounts payable.
• Properly perform a search for unrecorded liabilities.
• Avoid common audit inefficiencies and oversights when auditing accounts payable and accrued expenses.

Prerequisite: One to ten months of public accounting experience

Auditing Long-Term Debt (150081)
Recommended CPE Credit: 2
Regular/AICPA Member:$73.75/$59.00

Issues relating to recognition and measurement are not that difficult when it comes to long-term debt. On the other hand, issues relating to presentation and disclosure can be problematic.

In this course, you will learn how to identify high risk issues and how to perform thorough test work to determine whether long-term debt is properly classified on the balance sheet as either current or non-current. You'll know if your workpapers contain sufficient reliable evidence to support the disclosures relating to long-term debt and whether you've allocated sufficient time in your budget to thoroughly read any new loan agreements or loan modifications to make sure you identify all loan terms that affect the amounts or disclosures in the financial statements.

Through involvement in an interactive case study, you will sharpen your skills and learn how to effectively and efficiently audit long-term debt.

Objectives

• Match the audit procedures typically performed in the long-term debt area to the stated audit objectives and related assertions.
• Plan and perform the confirmation of long-term debt.
• Prepare adequate disclosures and properly classify long-term debt amounts in the financial statement.
• Design and perform effective and efficient tests of accrued interest and interest expense.
• Avoid common audit inefficiencies and oversights when auditing long-term debt.

Prerequisite: One to ten months of public accounting experience

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